IF you need Home Renovation Insurance then you need to understand…
IF you need Block of Flats Building Insurance then there are easy ways you can save money and ensure you have the best cover in place. Whether a pair of flats in a converted property or a large high-rise block, make sure you are not being ripped off.
- Make sure you have the right rebuild value. That’s the cost to rebuild the entire building. Click for the BCIS free to use rebuild calculator
- Block of Flats Contents Insurance Is normally something each resident will buy themselves. The block insurance will normally exclude or offer a nominal amount for shared spaces such as corridors and entrance halls.
- Keep claims to a minimum. Less claims means less cost; it really is that simple.
- Increase your excess. If you go from £250 to £1000 excess there should be a decent saving on price.
- Occupancy is important on blocks of flats. If owner occupied, long leasehold or professional let then all is good. If various flats are unoccupied this could add cost and reduce cover.
How To Save Cash On Block Building Insurance
- Tell the broker or insurer what you are paying at the moment for insurance. They need a target to beat otherwise you are potentially wasting everyone’s time. Giving an unrealistic target is pointless. A good broker knows the rough price you should be paying and telling them lies will ensure they don’t bother trying to beat it and you may lose out.
- Tell the broker the standard excesses on your policy. Tell them whether you are happy to increase the excess to save money on your Block of Flats Insurance.
- Try more than one broker. Not all insurance brokers are the same. If the prices are close, then check any reviews you can find to see which may be best.
- Speak to the insurance broker. You’ll know early on if they know what they are talking about. Can you get a hold of the same person when you call back? Build a relationship with them. Ask them for some discount. If you don’t ask you don’t get.
- Don’t think the day one uplift rebuild offer is better than a sum insured offer. Some underwriters give a day one uplift that looks great on paper but means very little in practice. Your rebuild value has to be accurate no matter what.
- Pay in one transaction up front. Yes, monthly payments sound good but they normally attract interest and that means extra cost.
- Directors and Officers Liability cover will normally add cost.
- Terrorism cover will certainly add cost.
Topical at the moment is fire cladding on blocks of flats. Do not expect any insurer to offer terms when there is a blatant fire risk. Ask yourself, would you insure a near sure future fire claim costing potentially millions of pounds? Of course, you wouldn’t. Or if they do offer terms, expect it to be with an extremely high cost.
The best thing to do is get the fire cladding fixed as soon as possible and then your insurance cost will reduce and cover increase. There are political and historical issues here that insurers cannot solve for you.
If you need a competitive quotation for Block of Flats Building Insurance then try The Home Insurer or call 01832-735388.