Block of Flats Insurance
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Why Compare Cheap Block of Flats Insurance Quotes With SimplyQuote
SimplyQuote understands how time-consuming, stressful and downright frustrating finding better insurance deals can be.
That’s why we have the perfect solution for busy landlords: the free, online, comparison tool.
Access a wide range of block of flats insurance quotes from leading UK providers, in just a few clicks. Simply fill in a few basic details, click “compare quotes” and viola!
Whether you’re the freeholder, leaseholder or management company, we’ll help you find insurance for your property needs.
Quick. Simple. And stress-free!
What Do You Need To Get A Quote?
Before arranging insurance cover for your block of flats, we’ll need the following info:
- Personal details – name, surname, contact details
- Property details – location of each property, market value
- Tenant details
- Insurance details – claims history
- Policy details – what cover are you interested in
Why Do You Need Block of Flats Insurance?
If you own a block of flats, you need landlord insurance. However, the type of insurance cover you need depends on the nature of your property/s. Block of flats insurance is vital for landlords or flat management companies as it provides financial protection when unexpected events/accidental damage occur.
This can be helpful when:
- Tenants damage your property
- You evict tenants
- Unexpected damages and repair costs arise (e.g. storm damage)
What Does Block Of Flats Insurance Cover?
Block of flats buildings insurance – or block insurance – will protect you for all major events covered by your policy, namely:
Buildings insurance
This type of insurance covers the structure of your building, including any permanent fixtures. It can even cover rebuild costs if your structure were to be completely destroyed.
It usually covers:
- Fire damage
- Storm damage
- Water damage
- Subsidence/heave
- Theft/burglary/vandalism
- Damage caused by a vehicle collision
It also covers any malicious damage done to the structure by rowdy tenants, and thefts from the structure by your renters.
Accidental damage to your structure is also covered. So if a tenant accidentally floods their bathroom, resulting in you having to replace the flooring, you won’t have to pay for this out of pocket.
Liability insurance
- Public liability insurance – this type of insurance protects you in the event of any legal proceedings being taken against others. ‘Others’ in this case includes both visitors and tenants (i.e. third-party persons).
- Employers’ liability cover – is needed if you employ staff to care for your block of flats such as cleaners, property managers or gardeners. This type of insurance is mandatory for all businesses in the UK that have employees. It would protect you if your employee were to be injured at work by covering medical costs and a portion of lost wages for the injured party.
Building damage
Engineering faults are common in blocks of flats. This type of insurance covers you if your building has an engineering issue that affects heating units and radiators, air conditioning units, or boilers.
Business interruption
If a covered event damages your block of flats, this type of insurance will compensate you financially for any loss of rent following this incident. It may also cover costs incurred by sourcing alternative accommodation for residential units and occupancy cover following a claim.
What’s not covered?
- Wear and tear due to poor maintenance
- Faulty or poor workmanship
- Pet damage
- Intentional damage caused by property owners (to claim insurance payout)
- Environmental damage (e.g. pollution caused by tenants)
- Storm damage to fences, hedges and gates
- Unoccupied properties – longer than 60+ days
- Contents – unless you have contents cover in place
What are the benefits of block insurance?
- Convenience – have all the flats you own on one policy with one renewal date.
- Cost-effective – insurers often offer cheaper rates when you bundle properties on one policy.
- Flexibility – add or remove properties as you wish.
- Peace of mind – knowing you’re financially protected.
What Types Of Block Of Flats Insurance Can You Get?
There are a few types of block of flats insurance, depending on who owns the property:
| Living Situation | Type of Insurance Policy |
|---|---|
| You rent a flat | Contents only |
| You rent a flat with others | Contents only |
| Leaseholder | Contents only. May have to pay a portion towards buildings insurance, depending on the agreement with the freeholder. |
| Freeholder | Contents and buildings insurance |
| Own multiple flats | Portfolio landlord insurance (buildings insurance cover at least) |
Let’s take a closer look:
Leasehold flats insurance
If you lease the flat for a set period, you usually won’t need to insure the building as this responsibility falls on the freeholder (i.e. property owners). You will usually only be required to cover your own content.
However, if you own part of the freehold as a separate leaseholder, your insurance may differ. This is when separate leaseholders can come together to form a ‘right to manage’ company. This is more commonly known as a residents association.
Once the association takes over the management of the building, leaseholders are responsible for arranging buildings insurance and the insurance premium will then be split equitably between all flats in the block.
Note: Your mortgage provider may require you to have buildings insurance if you have financed your leasehold flat.
Freeholder flats insurance
If you are the owner of the entire building and all of the flats within it, you are the freeholder and are usually responsible for arranging building insurance, or building insurance cover, for the structure.
In some instances, a block of flats may have a managing agent who is appointed by the freeholder to manage the property. Their duties may include managing insurance.
Therefore it couldn’t be more important to check your agreement before taking out block of flats insurance as only that can tell you what your responsibilities are.
Portfolio landlord insurance
This block of flats insurance policy applies to property owners with multiple rental properties, including blocks of flats. Essentially, it is an “upgraded” version of standard landlord insurance that covers several rental properties under one policy, both residentially and commercially.
The number of properties to qualify for portfolio landlord insurance depends on the insurance provider but generally is around 4+ properties.
What Add-Ons Are Available For Block Of Flats Insurance?
There are a number of optional extras you can add to your landlord insurance policy:
Alternative accommodation
when you need to rehouse tenants temporarily.
Loss of rent
when tenants move out due to a covered event (e.g. storm damage).
Replacement keys
if keys are stolen, lost or misplaced.
Employers’ liability insurance
if you employ staff at your rental property (e.g. cleaners, gardeners). This may or may not be “standard” within your policy – check details with your insurer.
Landlord liability insurance
similar to public liability but specifically aimed at landlords for legal disputes.
Outbuilding insurance
covers outhouses (e.g. storage units, garages) in the event of damage. May also include cover for landscaping and gardens – check with your chosen insurer.
Contents insurance
compensates for damaged/broken interior items in furnished properties. However, it won’t cover tenants’ content. May also go by the name “communal contents insurance.”
Home emergency cover
provides 24/7 access to emergency services (e.g. plumbers, electricians).
Malicious damage
cover intentional damage to the property/s.
Boiler cover
covers the costs to replace/repair faulty boilers.
Terrorism insurance
covers properties against acts of terrorism.
Engineering and inspection cover
including passenger lifts.
Extended legal expenses cover
including tenant disputes.
Multi-story insurance
Multi-story insurance – most insurers only cover flats up to 10 storeys.
How Much Does Block Of Flats Insurance Cost?
The average annual cost of block insurance is around:
- £180 for contents and buildings insurance
- £141 for buildings insurance only
- £66 for contents cover
What impacts insurance prices?
A number of factors come into play when determining the final price of your block insurance policy:
- Condition of your properties – old vs new
- Tenant type – student vs elderly couple
- Security of the property
- Location of your properties – are you in a high-crime or flood-prone area?
- Claims history
- Add-ons chosen
How Can You Get Cheaper Insurance Rates?
There are several ways you can reduce your block of flats insurance premiums:
- Screen tenants carefully – you want trustworthy persons living in your properties
- Secure your property/s – to minimise theft, vandalism and burglary (e.g. CCTV cameras, alarms)
- Keep up to date with property maintenance – to minimise general wear and tear
- Reduce tenant turnover – to prevent buildings from standing empty for extended periods
- Compare block insurance quotes – to find the best deal
- Only opt for the cover/add-ons you need – to avoid unnecessary expenditure
- Pay annually – to eliminate monthly interest rates
How To Compare Block Of Flats Insurance Quotes With SimplyQuote?
Comparing block insurance quotes with SimplyQuote is simple:
- Fill in the short form: Tell us about yourself and your property.
- Choose policy add-ons: Choose which optional extras you want.
- Compare quotes: Find a quote to suit your budget and rental property needs.
- Save money: Get the best deal today.
Frequently Asked Questions
This is a type of landlord insurance specifically designed for landlords who own an entire block of flats. It provides comprehensive coverage for the entire building, including all of the flats that will be leased or rented out by the freeholder. This insurance also covers residential blocks, and it can provide cover for commercial tenants in addition to properties that have been turned into flats.
No, you are not required to have blocks of flats insurance by law. However, your mortgage company may require that you have a block of flats insurance policy (i.e. buy-to-let insurance).
No. The freeholder usually takes out a communal block of flats insurance policy. Leaseholders will then contribute to the premium via the annual service charge. This charge usually covers the entire block of flats.
This depends on your insurance policy. Some insurance providers may cover communal areas such as hallways, stairwells, gardens and car parks.