Due to FCA rules, all block insurance policies are placed through our approved insurance brokers. We seek to obtain the most competitive premium for the insurance each year, whilst still maintaining a good level of cover. In some instances, our freeholders insure the property and then we collect each leaseholder’s premium.
We do not provide contents cover and we recommend this is taken out by each owner. We ask that all properties which will be unoccupied for more than 30 days or in instances where the property is sublet that we are informed.
In respect of insurance claims, in most cases the insurers provide a claims line where the leaseholder can deal with the claim directly. This invaluable where any leak is between flats as these incidents are not normally the responsibility of the freeholder meaning we can seldom get involved.
An Insurance Re-instatement Cost Assessment will be required for properties on a cyclical basis (every 3-5 years) whereby an assessor will look at the building and value the cost to re-build the property in the event of a total loss, taking into account the costs of demolition and professional costs of architects etc. This will provide the Declared Value for which the property should be insured.