Flat Insurance For Converted Buildings

Flat Insurance For Converted Buildings

Flat insurance for converted buildings isn’t the same as insurance for normal, purpose-built flats.  If you are looking for flat insurance for converted buildings you’d be well advised to read this helpful blog.  In it we’ll highlight the major differences in flat insurance for converted buildings and what you need to look out for when buying a policy.

When taking out a ‘normal’ flat insurance policy there’s usually a need for the policy holder to fulfil a requirement of the lease while recognising the policy’s beneficiaries – the flat owners.  In addition to this, the needs of the Property Managing Agents, Residents’ Association, Residents’ Management Companies etc. may also need to be considered.

When shopping around for insurance for converted buildings you may be surprised at the range of quotes you receive.  This is because when it comes to flat insurance for converted buildings, the Devil is in the detail!  Many flat insurance policies sold for converted buildings are, in fact, based on a generic property and may not offer sufficient cover.

Essentials For Flat Insurance For Converted Buildings

When seeking a flat insurance policy for a converted building you need to ask:

  • Is the unoccupancy cover suitable or are flats owners going to be left without sufficient cover due to circumstances beyond their control?
  • Is the Policyholder (or the Property Manager who is acting for them) expected to comply with impractical policy warranties such as:

Types and percentage of types of occupants of the flat?

Inspection of unoccupied flats?

Removal and storage of waste?

Illegal cultivation of drugs?

  • Is the sum for alternative accommodation adequate should the flat owners need to be re-housed?  And does this take into the differing size of flats in a single converted building?
  • Given that rebuilding flats in a converted building or a block of flats can take a long period of time is there a limit on the period of indemnity?
  • Is loss of rent cover available to flat owners who have let their flats as well as to the policy holder?
  • Does the policy have a Non-Invalidation Clause which prevents the policy being invalidated by circumstances beyond the control of the policyholder?
  • Does the liability cover offer protection to the flat owners, occupants, property managers and other relevant parties to ensure they will not be held financially liable should the block be damaged?
  • Is the sum insured indexed linked on an ongoing monthly basis rather than just annually at the time of the policy’s renewal?
  • Is there an Average Clause that creates further financial loss in the event of under insurance?

More Help With Flat Insurance For Converted Buildings

All of the above are crucial considerations when choosing flat insurance for converted buildings or a block of flats.  If you would like any further help or advice regarding flat insurance for converted buildings or a block of flats then please get in touch and let 1st Sure Flats’ dedicated team help.   You can contact us by calling 0345 370 2842, email us at info@1stsure.com or if you’d like to get a free quote then just click here.