ChECkINgyoU hAvE ENoUghCovER


Is your insurance policy adequate for the needs of your block? Before theworst happensand youneedtomakea claim, our essential guide to insurance will help you check that you have the right cover in place


Ensuring your blockisadequatelycovered isamajor responsibility –and ensuring a competitiveprice as well as comprehensive protectionfor leaseholders’propertycan be quite a challenge. Policies for blocks of residentialflatscan containmany different sections andwe’ll tryand demystifythem foryou!


ThE “BUIldINgS SECTIoN”


This canalsobeknownas InsuredProperty, Property Damage,Buildingsofthe Flatsor Material Damage.


This sectioncoversthe actual building itself,which is oftenreferredtoasthe “bricksandmortar”. Coverextends to all areas of the buildings including the individual flats andapartmentsalthough it does not cover the occupants contents as theseare theresponsibility of your individual residents.


TheBuildingsSection generallycoversyou against specific risks. A “risk” is something thatmayhappentothe block, such as fire, flood,maliciousdamageorescapeofwater andsoon. Somepolicies arewritten on a “Specified Perils” basiswhichmeans that thecover thepolicyprovidesislimited to theperilslistedinthe policy.Other policies arewritten on an “All Risks” basisand by definition the cover provided is wider and covers the known and potentially unknown, notrestricted to certain specified perils.Thiskindofcover is slightlymore expensivebut is worthseeking outasthe level of protection offered ismuch wider.


Flat Living GUIDETO INSURANCE 5


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