Insurance for blocks of flats is a specialist product that not all insurance companies will provide cover for due to its complexity. Owners of blocks of flats needed additional cover to cater for communal areas, provision of utilities and liability cover. Many providers of blocks of flats insurance restrict their cover to residential only blocks and those with only professional lets or ownership. Below we have explored what some of the leading insurance providers can offer.
The table below gives a quick comparison of the top UK providers for block of flats insurance.
Company | Minimum cover | Maximum cover |
---|---|---|
Aviva | Not stated | Not stated |
RSA | Not stated | Not stated |
Zurich | Not stated | £5 million per premise |
Allianz | Not stated | £10 million |
Ageas | Not stated | Not stated |
Covéa | Not stated | Not stated |
Touchstone Underwriting Limited | Not stated | £10 million per location |
Pen Underwriting | Not stated | £10 million |
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
Topics
1. Aviva
Some of the features and benefits of Aviva’s block of flats insurance.
- Specialist block of flats insurance
- Caters for leasehold property ownership
- Designed for predominantly owner-occupied blocks
- Transparent with no hidden small print
- Relaxed unoccupancy clause
- Loss of rent
- Alternative accommodation cover
- Non-invalidation clause
- Bespoke claims solutions
- Suited to freeholders, management companies, rights to manage and managing agents
Aviva is an insurance provider that offers an extensive range of business insurance products that includes a range of generic and specific products that target certain industries and job roles. This includes property insurance such as block of flats insurance.
Aviva’s block of flats insurance is a specialist product that caters for the complexities of flats including leasehold property ownership and is designed for flats that are predominantly owner-occupied. Their cover is transparent with clear and appropriate wording to provide adequate cover. The policy includes a relaxed unoccupancy clause, loss of rent, alternative accommodation, and non-invalidation clause to prevent the policy being invalidated by unknown actions by the tenants.
2. RSA
Some of the features and benefits of RSA’s block of flats insurance.
- Protection for blocks of flats
- Suited to blocks worth £1 million to £10 million
- Buildings insurance
- Contents insurance
- Public liability
- Loss of rent cover
- Alternation accommodation
- Employer’s liability
- Only available to residential blocks although retail units on the ground floor are acceptable
- Will not consider unoccupied blocks, student, social housing and holiday lets
RSA is an insurance provider that offers a broad range of business insurance products that cater for a variety of business types and needs. They offer a range of building insurance which covers residential and commercial properties including block of flats insurance.
RSA’s block of flats insurance provides comprehensive cover which includes buildings cover, contents cover, loss of rent and alternative accommodation cover. It also includes public liability insurance and employer’s liability insurance if needed. They have restricted their cover to residential buildings (although ground floor commercial units are acceptable) up to 10 storeys, that are fully occupied and exclude tenants such as students, social housing and holiday lets.
3. Zurich
Some of the features and benefits of Zurich’s block of flats insurance.
- Property owner’s insurance
- Suitable for blocks of flats occupied by professionals
- Maximum cover per premise is £5 million
- Protection against damage and legal action
- Loss of rent
- Legal expenses
- Employer’s liability
- Public and products liability
- Contents cover
- Flexible cover
Zurich is an insurance provider that offers a variety of business insurance products which includes business protection, property, motor and speciality lines. Their property products are designed for businesses with a portfolio of properties which includes blocks of flats.
Zurich’s property owner’s insurance is designed for properties with a maximum value of £5 million per property/block and residential properties must be occupied by professionals. Their property cover offers protection against damages and legal action through liability cover for public, product and employer as well as loss of rent, contents cover and legal expenses. This cover is flexible, some cover is optional and the level can be increased.
4. Allianz
Some of the features and benefits of Allianz’s block of flats insurance.
- Complete Flatowner
- Suitable for blocks of flats
- Buildings and contents cover
- Property owner’s liability
- Commercial legal expenses
- Optional extras
- Loss of rent
- Employer’s liability
- Personal accident
- Only available through a broker
Allianz is an insurance provider offering business insurance products that are tailored to the needs of business sectors. They have split their insurance products into smaller businesses and larger organisations. Their range includes property insurance such as Complete Flatowner which is suitable for blocks of flats.
Allianz’s Complete Flatowner is a flexible product that allows owners to select the cover that they require. The cover includes buildings and contents cover for loss and damage, property owner’s liability up £2 million and option to increase to £10 million, and commercial legal expenses up to £1 million. Optional cover increases loss of rent, personal accident and employer’s liability up to £10 million.
5. Ageas
Some of the features and benefits of Ageas’ block of flats insurance.
- Property owner’s insurance
- Suitable for blocks of flats
- Flexible product
- Covers accidental damage and loss
- Buildings insurance
- Public and employer’s liability
- Loss of rent
- Legal expenses
- Landlord’s legal protection
- Only available through a broker
Ageas provides a range of business insurance products that are designed as combined packages that are tailored to specific sectors or professions and generic business products. These combined products are designed as complete packages. One of these packages is property owner’s insurance which is suited to blocks of flats.
Ageas’s property owner’s insurance is a flexible product that is available only through a broker and it provides accidental damage and loss cover. Their cover can include liability insurance such as public, employer’s, and directors and officers’ liability, as well as buildings insurance, loss of rent, legal expenses and landlord’s legal protection for legal costs and expenses up to £50,000.
6. Covea
Some of the features and benefits of Covea’s block of flats insurance.
- Commercial property owners’ insurance
- Ideal for blocks of flats
- Offers cover that is tailorable
- All risks policy wording
- Property owners’ liability
- Accidental damage
- Glass cover
- Replacement locks cover
- Unauthorised use of utilities
- Range of optional extras
Covea provides a range of tailored business insurance products to meet the needs of specific trades with combined cover. Their products are available either through their network of brokers or direct through their e-trade portal if you are a small business. Their range includes commercial property owners’ insurance which is suited to blocks of flats.
Covea’s commercial property owners’ insurance offers tailored insurance which includes property owners’ liability insurance, accidental damage and glass cover as standard. They also offer all risks wording, replacement locks, unauthorised use of gas, electricity and water up to £10,000, trace and access. Optional cover includes subsidence, employers’ liability, loss of rent and contents cover.
7. Touchstone Underwriting Limited
Some of the features and benefits of Touchstone Underwriting Limited’s block of flats insurance.
- Property owners’ insurance
- Offers up to £10 million
- Property owners’ liability
- Material damage
- Loss of rent and alternative accommodation
- All risks basis is available
- Offers fire and perils only cover
- Legal expenses
- Employers liability
- Personal accident
Touchstone Underwriting Limited is a specialist insurance provider who offers four key areas of insurance in property and commercial, liability and construction, hospitality and leisure, and travel and tour. Their products include property owners’ insurance which covers blocks of flats.
Touchstone Underwriting Limited’s property owners’ insurance offers combined cover up to £10 million for material damage and loss of rent per location. They offer all risks basis or fire and perils cover only. Their cover features material damage, loss of rent, alternative accommodation, property owners’ liability and legal expenses. Optional extra cover includes employers’ liability, personal accident and terrorism cover.
Touchstone Underwriting Limited website
8. Pen Underwriting
Some of the features and benefits of Pen Underwriting’s block of flats insurance.
- Specialist blocks of flats insurance
- Property owners’ liability up to £10 million
- Communal contents up to £25,000
- 45 days unoccupancy cover
- Malicious damage by tenants
- Trace and access up to £50,000
- Legal cover
- Optional employers’ liability
- Optional rent guarantee
- Provides dedicated claims handlers
Pen Underwriting is a virtual insurer offering flexible underwriting services. They offer a range of specialist insurance products including property, commercial combined cover, liability, hazardous and environmental industries. Their property range includes specialist insurance products such as blocks of flats cover.
Pen Underwriting’s blocks of flats insurance provide a broad range of cover for flat owners. The cover includes property owners’ liability cover up to £10 million, communal contents up to £25,000, malicious damage by tenants, 45-day unoccupancy cover, trace and access up to £50,000, basis of settlement cover, concern for welfare cover up to £25,000 and legal cover. They also offer optional employers’ liability and rent guarantee.