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Insuring your Block of Flats

Insuring your block of Flats

Living in a block of flats is the new chic way of living especially if you are a young single professional however this has not always been the case. Tower blocks were first built at the end of World War II as a quick fix to housing shortages caused by the bombing. They were generally built quickly but with poor designed. Today’s more modern version is called an apartment and are designed better with more character and features.

Many today are being built near canals or rivers and are seen as very desirable places to live. For a landlord buying a block of flats is an easy way to acquire property that is easier to rent and manage than buying individual houses or flats spread around a town or city.

Insurance on your block of flats

Many insurers do not provide block of flats insurance as they find it too difficult. So finding the right insurance company that has experience dealing with block of flats insurance is essential to make sure you get covered in all the right places.

When an apartment or flat in a block of flats is purchased you usually are only purchasing the leasehold on the property. You can of course use the common parts of the property including any garden area but you do not own the building or the land on which your apartment stands as this is owned by the freeholder of the building.

What type of insurance cover is available?

For a building to be classed as a block of flats it must have multiple occupation, with each unit being self-contained. Having a building with shared facilities like the bathroom or kitchen will be classed as a multiple occupation house and not a block of flats under the insurance policy rules.

Each individual flat or apartment owner will have their own contents cover under this is listed under a separate policy to cover any damage to their contents.

You can probably see why having an insurance company that specializes in block of flats insurance is important to ensure you have the right cover along with enough cover to protect you should the unthinkable happen like fire or flood. There are other communal areas of insurance that your insurance company will be able to explain to you that may need cover, this is why it pays to deal with a company who has experience in block of flats insurance to see you right!

I can therefore confidently recommend Goldcrest Insurance to anyone that wants good affordable insurance with great customer service.

- Greg Newman - DOR-2-DOR

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