Terrorism damage: is your block of flats covered?

Even if you live in the quietest rural area and think your block of flats or apartments is never likely to be a target for terrorists, you may be taking a risk in not getting the appropriate cover. Most places that have suffered in the past have not expected to be a target.

It may be tempting when arranging renewal of your residential buildings insurance to leave out terrorism cover to save a few pounds. After all, how could your property possibly be at serious risk of being a target for terrorist attack?

The unfortunate truth is that, as with every unforeseen incident, you cannot be sure that your property won’t suffer terrorist damage at some point in the future. If this were the case and you did not have a Terrorism Insurance policy in place, you would not be able to rely on your standard buildings insurance policy, as these types of policies do not provide cover for a terrorist attack.

Furthermore, it may be a legal requirement of your lease to ensure you have Terrorism cover in place. Make sure you check before managing your insurance policies.

However unlikely it might appear, if an incident did occur and there was no insurance in place, the RMC directors could be held responsible. Don’t forget that directors have personal responsibility for their decisions and actions within the Residents Management Company. Taking out suitable cover is a small price to pay in comparison to risking yours and your neighbour’s personal assets.