Block of Apartments Insurance

In a multi unit development, the units are essentially insured in a policy which is commonly known as the apartment block policy. All the apartment owners and their lending institutions are noted to be the interested party in this type of insurance. The management company pays the insurance premiums annually which are collected as the service charged as part of the service charges. It’s very important that an accurate building sum insured or the reinstatement valuation is calculated by a qualified surveyor and evaluated at least once in every two years. Claim limits or exclusions of some feature might apply in some cases. The policy is separate from the landlord’s private content and the public liability insurance which is associated to the internal of their private units. A landlord is advised to ask for a copy of their block insurance annually from their managing agents in order to be updated on any changes that might have taken place. The following are the most common features of a typical apartment block policy:

1. Material Damage

This policy will cover your apartment from any accidental damages that might occur. The accident might be as a result of a fire, floods, lightning or even storms. The insurance company will reinstate your building to the previous condition that it was before the accident which damaged the property took place.

Accidental damages done by pets or by building works might not be covered in this policy.

2. Empty property

This type of policy restricts you on the amount of time you can leave your apartment unoccupied such as going to a vacation or work before the insurance can remove insurance for your building. If you are planning to leave your apartment unoccupied for more 30 days or more, the insurance company will insist that you turn off the water and drain the central heating system so as to avoid unnecessary risks and additional expenses.

3. Legal expenses cover

Disputes arise all the time the occupants of the apartments might be held back from taking any legal action as the procedure can be expensive. The policy will cover your personal legal expenses such as employment disputes caused by injury. The insurer will however not pay for any legal costs that are not agreed in advance and they might advance on the basis of how likely they believe your claims will be successful in the court of law.

4. Loss or theft of keys

If your keys are stolen or you accidentally get to lose them, your insurer will pay to incur the replacement of all locks and keys that are affected. Some insurers will only incur the cost if you get to lose a set of keys or the person who stole them knows your home.

5. Emergency Helpline

The insurer provides a number you can call in the event of an emergency. This is mainly as a result of an accidental damage that needs to be repaired as quickly as possible. In most cases, you will have to pay the tradesmen who come to carry out the emergency repairs and then claim the money back from the insurer.

Our environment is not as safe as we might think and accidents might occur at any time even when we least expect them to. One will certainly worry less having a block of apartments insurance as even when the time is at its worst, there will have something to lean on.

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Elena M Johnson is an expert article writer who has written many articles related to flats insurance. Currently, he is writing content on block of flats buildings insurance.