Flat Living WEBSITEGUIDE Insurance LEASE MANAGE YOURBLOCK SERVICE
CHARGES& ACCOUNTS
MAINTENANCE HEALTH &SAFETY CASELAWDISPUTES ENERGY EFFICIENCY INSURANCE
Call 0800 281235 to find out more.
www.churesidentsline.co.uk
InsurIngablockofflats orabuilding convertedintoflatsisverydifferenttoinsuring othertypes of property.Withflatsinsurance thereisinevitablyaneed forthepolicyholder to fulfiltherequirements of theleasewhile, at
thesametime, recognisingtheneedsofthe flatowners themselves. In this sectionofour website,wetake a look at the various aspects of
takingout blockinsurance: nBuying insurance
nMaking a claim nRiskmanagement nGet a quote
Formoreonany of thesetopics,goto:www.flat-
living.co.uk/advice/15-insurance
The insurance needs of anRMC Doyouknowwhat your insurancepolicydoesanddoesn’tcover?
beforetheworst happens andyou need tomake aclaim, Flat Living’s essentialguide to insurancewillhelpyou check that youhavethe rightcover in place.
ResidenTial Buildings
insuRanCe Residents’Management Company (RMC) directors and committeemembersoften take on thetaskofarranging buildingsinsurance on behalf of theirfellowresidents.Ensuring your blockisadequatelycovered is amajor responsibility – and ensuring a competitive price as well as comprehensiveprotection for leaseholders’ property can be quite a challenge. First,itisimportant to ensure
that your BuildingsSumInsured is adequateand that thecover you obtain is wide enough to protect theinterestsand investment of youand your fellowflatowners. Despitethe currenteconomic climate,withinterest ratesatan all-timelowand property prices depressed,don’t assumethecost of replacingyourhomehas gone down.Buildingmaterialsand labour costscontinuetoriseand it is vitaltoensurethatyou take
Flat Living Issue 15 n“All Risks” cover(including
subsidence) nEmployersLiability Insurance nPublic andPropertyOwners
Liability cover nLesseesfixtures and
improvements nAlternativeAccommodation or
Loss of Rent nLoss ofMeteredUtilities(Water) nCost of tracingthe source of a
leak of oil orwater nLoss of orDamage to contents
in communal areas nDamage toundergroundpipes
it is importanttoensure that your Buildingssuminsuredisadequate
out insurance based on an up- to-datereinstatement valuation. Many peoplewronglyassume that,ifthe valueofaclaimis less than thesuminsured, it will automaticallybepaidregardlessof theadequacyofthe suminsured. This is nottrue: payoutsare proportionatetothe adequacyof the suminsured.
Thesecond vitallyimportant
thingtorememberisthatnot allpoliciesare thesame. The companyoffering thecheapest dealmaynot necessarily provide thelevel of coveryou need. Sometimesyou really do getwhat youpay for. So before youtakeout anypolicy, checkthatitincludes the following:
Thecompany offeringthecheapest dealmaynot necessarilyprovide thelevel of cover youneed
and cables nUnrestricted coveronvacantor
rented flats or apartments nDamage to fixed glass,shower
trays and sanitary fittings nStormdamagetofences and
gates nDamage to landscaped gardens
andgrounds nLegal expenses nReplacement of communal door
locks following theft of keys nDamage caused by the emergency services.●
Tofindoutwhat other types ofovershouldbein placeto protectyou,yourfellowresidents andRMCdirectorsandyour block,readthefull article at: http://www.flat-living.
co.uk/advice/78-what- insurance-does-a-residents- management-company-need
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