Block insurance – why you may be being overcharged

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Block Insurance is essentially the overall buildings cover for blocks of flats. It covers risks to the basic structure. Essentially it is bought by the managing agents, the freeholder or whoever has overall responsibility for the block’s structure. And often leaseholders are paying over the odds for it and sometimes they can do something about it.

Can YOU choose who provides your block insurance?

Virtually all flats, whether in purpose-built blocks or conversions, are held in leasehold. The leaseholder has the property for the term of the lease (99 – 999 years) after which it reverts to the freeholder. In between these two parties there is usually a managing agent. Usually it is the managing agent who selects the block insurance for the property.

Sadly, if you have no control over the management of your block it is often the case that the freeholder/managing agent actually know they are paying too much for the block insurance. I’ll leave it up to your imagination why this might be.

Take back control (to coin a phrase!)

However, if you DO have ultimate control over the managing agents then this article may be of interest to you. It’s worth checking that you and the other leaseholders are not paying more than you need to for the block buildings insurance. Certainly if you have a share of the freehold then you should speak to the directors of your residents’ company and check that you and all the other residents are not ‘paying over the odds’ for your insurance.

We offer very competitive rates on block insurances and all the policies are underwritten by major insurers.

Why not get a quote today. Either email info@landlordsandletting.co.uk or call 0800 783 1626, quoting ‘Landlords and Letting’.

Landlords and Letting – affordable landlord insurances

 

 

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