Who needs apartment block insurance?
Apartment block insurance is essential for owners, management companies, or freeholders of residential or commercial buildings divided into multiple units.
What should I consider when selecting coverage?
Start with assessing the rebuild value accurately, and seek advice from your broker or even talk to a building surveyor as this valuable asset needs to be correctly insured. Then consider the insurer itself, are they reputable, are they in the insurance market a long time and likely to remain. Think of the specific policy terms and conditions such as the limits, check for any exclusions or warranties, and review additional coverage options to tailor the policy to your specific needs. Talk to your broker as they will be able to advise on what are standard conditions that you can expect.
Are individual apartment owners required to have insurance?
While apartment block insurance generally covers communal areas and shared assets, individual apartment owners should still consider personal contents insurance and liability coverage for their own units and can buy Contents only home insurance packages.