It can sometimes seem that when it comes to flats and blocks of flats insurance premiums that flat insurance providers simply think of a number. Afterall , flat and block of flats insurance costs can vary wildly from provider to provider – even for flats in the same block. Well in this blog I’ll reveal how your flat premiums are calculated and the things you need to mention when getting a quote so you can be sure you’re getting the right insurance deal for your flat.
The first thing you’ll be asked for when getting a flat insurance quote is the details of the flat or flats you wish to insure. You should look to mention the following:
Once the insurer knows this they’ll probably take some information regarding the local area. Knowing whether the flats you are looking to insure are subject to flooding or if buildings nearby have been subject to subsidence in the past could have a significant bearing on your flat insurance premium. With all this information to hand, the insurer will then check the ‘experience’ of the area.
Assuming the above information doesn’t start any alarm bells ringing, the insurer will then apply a ‘rate’ to your flat and by factoring in your flat’s declared value or sum insured, calculate your flat insurance premium. An example of how this works can be seen below:
Say your flat is worth £100,000 (the declared value or sum insured) then the insurer will multiply that sum by the insurance rate – for this example let’s say that’s 0.008. That gives us a flat insurance premium of £800 to which a 6% charge for Insurance Premium Tax needs to be applied giving a total of flat insurance premium of £848.
On top of that your flat insurance provider will usually offer excess options – for example the policy above could come with a £100 excess. Increasing the level of excess on your flat insurance policy could reduce the amount your policy costs.
Well, I hope that’s clarified things, and next time you need to get a flat or block of flats insurance quote you’ll know what to tell your insurer. If you would like any further help or advice regarding flats or block of flats insurance 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 firstname.lastname@example.org or if you’d like to get a free quote then just click here.