© 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.
In the excitement of buying or moving in as owner or tenant, taking out insurance to protect your‚ property is often overlooked. Some reports suggest nearly half of apartment owners and tenants lack contents insurance. So why are so many people not protecting themselves?
From talking to customers, it appears to come down to two main reasons, a sense of improved home security, especially among those on the first floor and higher; and at the initial purchase, mortgage lenders not pushing contents insurance in the same way they do when financing house purchases.
When the subject comes up, many residents usually associate the need with the risk of a loss occurring as a result of a break-in. I can only assume this belief coupled with the heightened sense of security, means contents insurance often falls into ‘something I should probably have, but I’ve got more important things to worry about at the moment’ category.
However, the major source of all apartment-based claims in our experience usually occurs as the result of an escape of water, often from a neighbouring apartment due to damaged pipes, unattended taps or more often than not, poorly fitted pipes to washing machines and dishwashers. (Tip: Check your own regularly just in case they’ve started to worked loose.) The resulting water damage can very easily run into thousands of pounds.
Many owners without cover are a little shocked to find themselves out of pocket after b eing told that their block’s policy doesn’t cover the items within their apartment. And many are very aggrieved when the source of the water is from a neighbour’s apartment. In reality, contents insurance cover is fairly inexpensive compared to replacement costs with many policies costing less than £100 a year.
When arranging a contents policy, first establish is the current new replacement value of all your contents, not forgetting floor coverings and electrical appliances. (Fitted kitchen units and built in hobs and bathrooms typically form part of the landlord’s contents under many buildings policies, however always check.
To prevent arguments in the event of a claim, look for a ‘new for old’ replacement policy. Seek accidental damage cover just in case you accidentally knock over that new widescreen TV. If you have any high-value items such as expensive watches or jewellery, camera equipment or bikes, check individual policy limits for such items and‚ worth more than the individual limit, ensure they are recorded with the insurance company.
It may also be useful to seek covers for personal items when out and about (e.g. cameras). For buy-to-let apartment owners, contents insurance is only half of the story. I’ve often heard ‘I don’t need contents insurance as the apartment’s unfurnished’ or ‘I can replace any broken items from a second-hand furniture shop for less than any excess I’d pay.’ Really? So your apartment doesn’t have any carpet or floor coverings or, in the case of many new apartments, built-in or supplied appliances? Also buy-to-let landlords need public liability protection should the tenant or their visitors claim against them.
Landlords should also weigh up the potential cost benefit of having malicious damage protection in place, just in case. With landlord’s content policies with up to £10,000 of contents cover and £1m of Public Liability protection available at under £100, there really is no excuse for not being covered.