© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
The traditional way in which flats are being purchased and managed is putting pressure on residents and tenants as they take up responsibility for the insurance and management of the block. Stuart Alexander, an independent Insurance Broking firm, is tackling the issues surrounding this added level of responsibility for residents and tenants, and have developed a new insurance product called Flatprotect.
Flatprotect focuses on the fact that right to manage companies, residents’ associations and flat-owners like to be in control of the insurance placement process and require a product that is accessible and provides wide-ranging cover. Many mortgage companies are happy for single flats to be insured as individual properties, but this can bring complications.
For instance, are all the common areas and the roof covered? Only by taking out a single policy and having the premises valued with all common areas, outbuildings and garages, can you ensure that all these areas are covered. On most occasions where there have been arrangements for single policies for individual flats there has been no allowance made for the roof. Taking out a single Flatprotect policy will ensure all the common areas and the roof are covered.
Will the loss adjusters be able to communicate with all the different insurers in the event of a claim? It can be very time consuming for loss adjusters to arrange for claims to be settled, so awaiting various insurers to give authorisation will only delay the matter. Flatprotect provides dedicated claims adjusters who handle all claims and only need to refer back to one insurer with queries, which can often reduce the time taken to settle claims.
What happens if one tenant lets their insurance lapse and there is a major loss? How can a block of flats be rebuilt when a flat on the ground floor is uninsured? The process of reinstatement can be drawn out, there could be long legal proceedings against the leaseholder and the whole process could become messy. With Flatprotect the policy documents are delivered on-line, Flatprotect deals with the nominated representative of the block who may then contact the other leaseholders and ensure the block is insured and, provided the sums insured are sufficient, there will be no undue delays in re-instatement.
For more information contact Flatprotect on 0800 279 9933, or alternatively get a quote in 15 seconds online at www.flatprotect.co.uk.