Useful Information About Insurance
Usually the Freeholder and/or Management Company will be responsible for insuring the building. They will purchase Buildings Insurance which will cover damage to the building, principally against accidental damage, storm, fire, flood and subsidence. Where repairs are necessary because of such an incident, a claim may be made to the insurer. The Buildings Insurance will not cover general wear and tear, nor will it cover negligence or willful damage by owners, their tenants or guests.
It is important to realise that buildings insurance covers the main fabric of the building and the common parts, this insurance will not cover damage to your own contents. We therefore strongly recommend that you consult your own insurance broker to arrange contents insurance for your own property, if you do not already have cover in place.
If you leave your property unoccupied for more than 30 days, it is likely to be a condition of the policy that the insurers are informed. It is therefore your responsibility to inform us if you are aware that the property is to be unoccupied for more than 30 days as insurers may well decline a claim if they have not been previously notified. Please ensure that you turn off all supplies and generally make the property safe before leaving the property unoccupied.
Where we believe that the Buildings Insurance will cover the cost of repairs, we will make the appropriate claim. It is however important to appreciate that insurers may not bear the total cost of repairs.
There may well be an excess due under the terms of the policy in respect of each claim so there may be a requirement to contribute to the difference between the cost of the repairs and the amount received from the insurance company. Sometimes this will be a cost to the Service Charge fund, however depending on the cause of the damage giving rise to the claim the excess may be payable by the property owner.
If you wish to make a claim in relation to your own flat, make sure that you contact us with full details and photos within 30 days of the incident occurring, so that insurers can be notified within the time frame stated within the policy. If a leak is from flat to flat, we ask that we are contacted in the first instance to ensure that we are aware of the issue and can supply you with any required information and contact details.
