© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
Finding the right insurance for a property, and especially a block of flats, is a specialised skill - and that’s why an experienced broker is best option for all involved. Whether you need to buy cover for the first time, or renew, whatever your circumstances, this is an important decision.
Quality cover should be available at a fair price - but that does not mean cheapest is best. At worst, you could end up with a policy riddled with exclusions - and face serious consequences from residents or other parties.
Experienced brokers offer impartial advice from the off, and support and guidance in the event of a claim.
Who makes the insurance buying decision can vary. It may be a single owner or a group who own the freehold and have set up a residents’ association. It could be a managing agent who has responsibility. In all cases, a broker can provide invaluable expertise.
Brokers are regulated professionals who will act in the interest of the client.
It’s possible for property owners to buy insurance direct from an insurer - but in this case, you will only be given a single option and if you do experience a claim, then you’re on your own. It is often far more reassuring to deal with a known and often local professional rather than a remote call centre, as with a direct insurer.
Brokers can also assist with more problematic cases. For example, maybe the block is of unusual construction. Perhaps it is at risk of flooding. Or maybe some or all flats are empty while redevelopment takes place. A building may also have known - and unknown - defects. These issues can all impact on insurance.
Cover goes beyond bricks and mortar. An owner is likely to need some form of protection - and a broker can provide this through a directors’ and officers’ policy. Is the building’s value adequate or what you think it is? Again a broker can arrange an appropriate valuation so you will have accurate sums insured in place.
If there is a lift or boiler, inspections are a legal requirement and a broker too can sort out these.
Where blocks have resident caretakers or maintenance people an owner may also need employers’ liability cover. Of particular value is a broker’s risk management expertise. They can help with fire assessments - a legal requirement - and assess security measures. A well- managed property can also benefit from lower premiums but low claims frequency which would help mitigate disruption.
A broker could potentially go to 10 or more insurers to find the most suitable policy. They will know which offer the widest cover and at the best price and terms throughout the UK. They can make sure there is no dual insurance in place and arrange separate contents’ policies for the ‘common parts’ or even the tenants if required. Crucially, they also know which have good reputations for paying claims. In this crisis it is appropriate to review all outgoings but to cut back on Insurance would be false economy.