How can I reduce the cost of my block of flats insurance?
When investing in an insurance policy we know that people want the best, most comprehensive cover available. However, it doesn’t need to cost the earth.
Sinead Campbell, from London Flats Insurance, discusses a are a few areas that could help you keep your costs low:
Declared Value
Always check that your declared value (or reinstatement value) is adequate – a regular valuation should take place – do not expect the resale value to be adequate.
Flood
If your property is in an area known for possible flooding it is worth investing some time to find out what flood defences are already in place. Your local authority ae great source of helpful information.
Subsidence
If your property is in a known area for subsidence and you have trees around your property, provide details of your ongoing grounds maintenance program to show trees and vegetation are under a regular program to manage their growth. This will show the Insurers that protecting your property is being handled well.
Risk Assessments
Provide evidence these have been completed and anything found has been acted on and all actions are recorded and are regularly reviewed.
Security
Advise your broker if your property has CCTV, an on-site concierge or telephone access facilities, or if each resident requires a key-holder or pass-holder for access to the property.
Automatic Fire Alarm
If there is an automatic fire alarm with signalling direct to the emergency services, central call station or alarm monitoring station this can often enable discounts.
Fully managed developments
With ongoing contracts for the upkeep and maintenance of the property/grounds by professional service providers and facilities contractors, which could also include evidence of regular and periodic inspections of flat roof areas.
Electrical wiring checks
Being able to evidence that electrical wiring within the common areas is being inspected and maintained to current requirements.
Other features
AS water damage claims are 75% of all claims in blocks of flats if there are enhanced or additional features to prevent or reduce claims, for example sprinkler systems or in built water leak detection devices then this will be important to your Insurer.
Other things that can affect your premium are:
Construction
Concrete floors and stairs are considered as having lower claims costs and preferential rates will be applied on these quotes. Flat timber roofs are a concern as their construction needs regular maintenance and replacement, however flat concrete roofs (with a guarantee) could earn you some more brownie points!
If your roof is out of guarantee, a regular roof inspection and an inspection report to confirm the condition of your roof is adequate can also help.
Age
Particularly in converted properties, the older the property normally the more higher the rate that is applied simply due to internal features being more ornate, and also harder to locate at the time of a claim.
Being able to confirm and prove these details will help you obtain the most appropriate premium.