How to choose block insurance

Buying insurance for your block is very similar but, instead of ruining your meal, the consequences are far greater when you make a claim and discover the insurance policy is not fit for purpose, affecting many flat-owners’ lives.

So, how does a discerning purchaser make the right decision? If you decide that your favourite tipple is getting too expensive, you might think you can save a few precious pounds by looking at alternatives. After some educated selections and disappointing meals, you might attend a wine tasting masterclass focusing on your favourite region, which results in six recommendations, in various price brackets, all of which suit your palate.

Some lessons can be learnt from this when selecting your block insurance policy. Ultimately the labelling can be very confusing but, equally, can give you some clues. Don’t assume that because it has a big name insurer on the label that is the right product. That’s like saying any wine from a certain wine region will be good. The biggest clue, however, is in the title. Any policy wording with the title “Block of Flats” on the cover is more likely to be suitable than one titled “Residential Property Owners”. And if it is also branded by and bespoke to a broker who specialises in block insurance, then that is another positive sign.

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The sales literature is rather like the back of the label on a bottle of wine. It always promotes some benefits but never tells you if the product is any good. When choosing wine, you might be swayed by awards, which may make you look more closely at the product, and the same can be said about selecting your insurance. Likewise it is always prudent to be wary of something labelled as being discounted or that is inexplicably cheap.

Looking at the content of a bottle of wine will tell you little and, for most people, the same is true of when they look at a policy wording. These are incredibly complicated documents where one word can completely change the meaning of the policy with dramatic effect. This is where the advice from someone who understands the subject will help.

A final piece of advice is to buy from a firm that specialises in block insurance. They will be able to advise you how to discharge your leasehold obligations and also identify anything that could cause your policy to fail, such as flat roof inspection requirements. They also, no doubt, will have modified the policy to remove any unreasonable parts that shouldn’t apply to a block of flats.