Insurance

Owners may see on the Service Charge Budget sums for a variety of insurance premiums. Copies of all insurance certificates can be obtained by logging into the Resident Portal.

This section is for information only. It does not provide any insurance advice.

It is essential that individual owners obtain their own independent advice from a suitably qualified insurance broker as to the cover they require for their own particular circumstances and needs.

Buildings Insurance

If you have a leasehold flat the insurance of the whole building will be the responsibility of the freeholder or the Residents Management Company (“RMC”). This insurance covers structural rebuilding or repairs in the event of a fire, a water leak, storm damage and other risks as defined in the policy. For example, if water leaks from one flat to another below, the cost of tracing the leak will usually be covered together with the reasonable cost of repairing the resulting damage caused by the water. 

In most cases it is important that flat owners do not take out their own buildings insurance as it may prevent a claim being made on the overall building’s policy. Your insurance broker will be able to advise you on your particular circumstances.

If you own a freehold house the buildings insurance will be your responsibility and you should seek the advice of your insurance broker.

Contents Insurance

It is very important to note that any contents insurance you pay for through the Service Charges will only cover the contents of the communal areas of the building.

If you live in a leasehold flat it is your responsibility to insure the contents of your property and you should seek the advice of your insurance broker.

If you own a freehold house the contents insurance will be your responsibility and you should seek the advice of your insurance broker.

Engineering Insurance

This insurance is to cover expensive plant and machinery. The most common cover is for lifts, but may also include other equipment such as water and sewage pumps.

Engineering insurance will usually also include statutory safety inspections.

This insurance does not cover routine maintenance, breakdowns and servicing. Instead it is there to cover eventualities such as a mains power surge causing damage to the equipment.

Public Liability Insurance

A development comprising solely freehold houses or a combination of freehold and leasehold properties may have a stand-alone Public Liability Policy for communal areas.

Directors and Officers (D&O) Insurance

If there is a Resident Management Company there may be a Directors and Officers Insurance Policy in place. This protects the resident directors from liability arising from their position as officers of the company.

Please note:

Managed Partnerships Limited is not an insurance broker nor do we provide any insurance advice. We act as an Introducer only. Clients are free to choose whichever broker they wish to advise on and place insurance business. We assist as a liaison only to ensure efficient payment of premiums and help progress claims within FCA regulations.