Insurance

If you live in a new-build block of flats, your deeds likely require a common block buildings insurance policy. This means there is a single policy that covers all individual properties and communal areas. Your factor will typically handle this, arranging the policy annually and collecting payments on your behalf through their chosen insurance broker.

If you live in a tenement block, each owner usually holds an individual policy. However, it’s essential to ensure that all policies provide adequate coverage, including communal areas. In this case, it’s your responsibility to arrange your own insurance, even if you have a factor, as they are not responsible for insurance unless there’s a block-wide policy in place.

If your building includes machinery like a lift or garage roller doors, you’ll also need Engineering Insurance to cover potential breakdowns.

This insurance is typically arranged by your property factor on your behalf, ensuring these essential features are protected and quickly repaired if issues arise. It also ensures there are independent inspections carried out of your machinery every 6-12 months.

If you live in a house within a housing estate, you’re responsible for arranging your own buildings insurance. However, your factor will typically arrange property owners' liability insurance on your behalf. This insurance is essential as it provides financial protection if someone is injured or their property is damaged in or around your home, and you’re found legally responsible.

Check the status of your current policy:

‍Policy End Date: Confirm the policy’s end date to ensure continuous coverage.

‍Cancellation Terms: If recently renewed, determine whether it can or will be cancelled if you end your contract with your current factor.

‍Pro-Rata Refund: Verify if a pro-rata refund will be issued for any remaining coverage period.

Obtaining Block Insurance is quite a complex process and can take a number of weeks to do a full market search. Allow as much time as possible particularly if there has been a number of claims made in recent years.

5-year Claims History: Details of claims made in the last 5 years - for larger claims made, insurance providers will look for more detail than "escape of water". If flat numbers can be provided, this helps providers determine if there has been a series of issues..

Block Fact Find Document: This form will be provided by AboveBoard Homes for completion.

Recent Reinstatement Valuation Survey: If carried out within last 3-5 years.

These documents are essential for reviewing and optimising your block insurance policy and should be accessible through your current factor’s portal. While insurance providers may have additional queries, these documents give brokers the crucial information they need to approach the market and secure the best possible deal for your block insurance.
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Current Policy Details (Property Certificate):

• Period of Cover
• Premium Breakdown:
• Block coverage
• Optional terrorism coverage
• Total Sum Insured:
• Buildings
• Contents
• Total Declared Value:
• Buildings
• Excesses
• Any Pre-Conditions

These documents are essential for reviewing and optimising your block insurance policy and should be accessible through your current factor’s portal.

While insurance providers may have additional queries, these documents give brokers the crucial information they need to approach the market and secure the best possible deal for your block insurance.