Block of Flats Insurance
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Compare landlord insurance quotes for blocks of flats
If you own a block of flats you’ll need a landlords insurance policy that’s specifically tailored to the nature of that building, but finding a suitable policy can be laborious and time consuming. Fortunately, our block of flats insurance comparison service can make the process much more straightforward.
What is block of flats insurance?
It’s an insurance policy that is designed specifically for landlords who rent out blocks of flats. Like most landlord policies, cover for a block of flats combines a number of different types of insurance that protect you from a wide range of events.
You can buy landlord insurance for a block of residential rental properties or blocks of commercial properties – just let your provider know which one you own so they can work out your premium accurately.
What does buildings insurance for flats include?
Buildings insurance is probably one of the most important features of landlord cover. It covers the structure of your property and pays to repair it or even rebuild it if it were completely destroyed by something called an insured event.
An insured event is simply an industry term to describe the events that you’re covered for (they’re also sometimes called ‘perils’), they can include:
- Fire damage
- Flood damage
- Storm damage, including fallen trees
- Water damage, for example from a burst pipe
- Damage caused by vehicle collision
- Theft and vandalism.
As well as the structure of your property, buildings insurance covers permanent fixtures and fittings like cupboards, bathroom suites, plumbing and heating systems and pipes. Policies can also protect outbuildings or structures that are within your property’s boundaries – for example sheds, garages and fences.
It’s important to bear in mind that policies vary depending on the insurer and you shouldn’t assume they’ll all cover the same things, so always read the terms and conditions set out in your policy documentation in order to avoid costly misunderstandings.
What other types of landlord insurance for blocks of flats are there?
Landlord policies are tailored to meet your specific needs, so you’ll be able to combine your buildings cover with other types of insurance, for example:
- Landlord contents insurance – compensates you for any damage done to furniture or soft furnishings you provide – for example carpets, plant pots and lampshades in a shared hallway or desks, chairs or telephones in a commercial office block. If you don’t provide any contents, you won’t need this as tenants are responsible for insuring their own belongings.
- Landlord liability insurance – covers legal fees and compensation if someone has an accident or has their belongings damaged because of your property. For example, if a tenant or visitor tripped over a wobbly step and broke their ankle.
- Legal expenses – pays your legal fees if you need to settle a dispute in court, for example if you needed to evict a tenant or sue a building firm for poor workmanship.
- Rent guarantee insurance – compensates you if a tenant stops paying their rent.
- Loss of rent insurance – compensates you for lost income if tenants have to move out because of an insured event such as a flood.
- Alternative accommodation – pays to temporarily rehome your tenants if they have to move out because the property is uninhabitable. You only need this if your tenancy agreement says you must organise alternative accommodation for tenants.
- Unoccupied property insurance – protects your property if it’s empty.
- Landlord home emergency cover – covers things like burst pipes and unplanned power cuts.
- Accidental damage insurance – pays to repair unintentional damage.
- Malicious damage cover – compensates you for intentional damage.
- Employers’ liability – if you employ anyone in relation to your property, you’ll need this by law – even if they only work part-time. Policies cover legal fees and compensation if an employee becomes sick or is injured through work. If you need it but are caught without it, it could result in a £2,500 fine for every day you go without it.
Do I need blocks of flats insurance?
Apart from employers’ liability insurance, which is legally required if you employ staff to manage or service your properties, there’s no legal obligation to have landlord insurance for your block of flats.
However, if you have a mortgage your lender could insist that you have buildings cover at the very least – it could even be a condition of the loan.
Of course, if you didn’t have insurance you’d be responsible for meeting any and all costs if your block of flats was damaged in any way. You’d also have to cover your own solicitor’s fees and court costs in a legal dispute, which could leave you significantly out of pocket.
Do I need building insurance for flats if I’m a leaseholder?
This will depend on the terms of your lease. In some cases, the landlord who owns the freehold will be responsible for insuring the building itself while you’re responsible for any fittings you’ve had added as well as your own belongings.
If you own part of the freehold (either as an individual or as part of a leaseholders’ association) you may need to organise or contribute to your own buildings insurance.
If you’re not sure, a solicitor will be able to check the terms of your contract and let you know what to do.
Can I buy cover for more than one block of flats?
Yes, if you own several blocks of flats you can insure them all with one provider, who’ll usually give you the option of covering them all on one policy or insuring each block of flats separately.
If you’ve got a combination of residential and commercial blocks you could also separate your policies to reflect this.
If you do have a number of blocks of flats to insure, the good news is that insurers often give you a discount for each additional property you add to your policy.
Is the number of flats in a block limited?
It can be, depending on the insurer – some will only insure blocks with a maximum number of flats so it’s important to give your insurer accurate information. For example, if your insurer will only cover blocks with up to ten flats and you’ve told them your block only has ten but in reality it has twelve, you run the risk of invalidating your policy which means they can refuse to pay out in the event of a claim.
How much is block of flats insurance?
It’s difficult to provide an average cost for block of flats insurance because policies are tailored to meet your specific needs. If you opt for a simple landlord insurance policy that only covers the basics (just the building itself, for instance, or the building and its contents), your policy is obviously going to be a lot cheaper than if you opt for a total landlord insurance policy that covers every conceivable insurable event.
Rather than focusing purely on price, though, the most important thing to do is to opt for a policy that gives you the protection you need.
Start a block of flats insurance comparison now
At Quotezone.co.uk, we make searching for landlord insurance for flats quick and easy. Just answer a few questions about your property and what you’re looking for in your policy, and we’ll bring you quotes that meet your needs – it’s as simple as that. And because we work with many of the UK’s best insurance providers, you can be confident about getting great cover as well as great value.