Insurance
Buildings Insurance
Depending on what your title deeds say, you may be required to take out a common buildings insurance policy with the other owners in the block to cover common areas of your building.
We can arrange building insurance through our common block policy and will recharge the relevant premium via your factoring invoice. Our policy will cover your property to full reinstatement value (the cost of re-building your home from scratch) and also provide public liability cover.
It is advantageous to have a common policy, as it ensures that all the owners in the block are insured for their share of the reinstatement of the building. In simple terms, it is one big policy which covers all of the properties within your building.
If owners arrange their own individual buildings insurance for their property, then we cannot get involved in the claims process if your property is damaged. For example, if you live in a building of 10 flats and the roof suffers storm damage, each individual insurance policy would need to be claimed against. Of course, that can turn into an administrative nightmare. Moreover, not all individual polices may cover the common areas. A common buildings insurance policy removes that problem, and we will take care of the dialogue with the insurer for all communal claims.
Owners are advised to arrange their own contents insurance, as buildings insurance will not cover home contents. Landlords who rent out their policy should also ensure that they have adequate landlord insurance to cover loss of rent, etc.
How do I make a claim
There are two different types of claims: private claims and communal claims. A private claim relates to a claim where the damaged is contained within your property, e.g. water damage from above. Damage caused to communal areas, e.g. storm damage to the roof, is processed as a communal claim.
A private claim can be made by calling the insurance claim line number on your summary of cover. A copy of your summary of cover can be found in the documents section. Alternatively, you can contact the factoring team and we will provide you with an insurance claim form and details of how to make your claim.
You will be responsible for making a private insurance claim, arranging quotes, arranging contacting contractors and liaising with the insurance company.
Damage to the communal areas should be reported to the factoring team. The factoring or maintenance team will assess the damage and determine if the damage is subject to an insurance claim.
We will process any communal claims, liaise with the insurance company and arrange for repairs.
Contact UsAn excess applies to all insurance claims, which means the insurance company will cover the costs involved in an approved claim minus the excess figure set out in the insurance summary of cover.
For private claims, the insurance excess is payable by the owner making the claim, and in the case of communal claims the excess is usually spread between all owners covered by the policy.
Contents and Landlord Insurance
Contents insurance covers any item that is not part of your home, such as goods, furniture and other valuables. Some contents insurance policies even cover the contents of your fridge and freezer, while others may cover items outside your home for an additional charge. It is advisable to insure the contents of your property as it covers you against loss, theft or damage to your personal and home possessions.
There’s no legal obligation for a landlord to take out a dedicated Landlord Insurance policy. However, a conventional home insurance policy won’t cover you for rental activities e.g. loss of rent, and if you have a mortgage on your property it’s very likely that your lender will require you to take out insurance before you take on tenants.