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Insurance for Blocks of Flats, Residential Management Companies & Residents Associations & Right to Manage.
Blocks of flats and other dwellings that are part of a housing estate and built on land owned by the same freeholder are typically also insured by the same umbrella property damage insurance policy. It is often called a block policy.
Such estates can be exposed to numerous risks that may result in property damage and sometimes to such an extent that temporary accommodation is required for the occupiers.
The risks manifested by a residential property differ from a commercial property and as consequence the cover has evolved over the years to accomodate these nuances.
By purchasing a residential property owners combined insurance policy through a specialist real estate insurance broker, your block will be protected against these insurable risks.
Property owners combined policies are designed to meet the insurance requirements of those responsible for ensuring blocks of flats are properly protected.
Heads of cover typically include:
The following optional covers are typically also available if required:
Whichever wording is used, a standard policy will typically cover for damage caused by:
In certain circumstances some standard perils may be excluded, restricted, subject to conditions or reduced limits including: