All owners of property within a tenement – including flats and commercial premises – must, by law, be covered by buildings insurance. Claims can only be made following damage caused by insurable perils, such as fire damage, storm damage or an escape of water.
Ongoing maintenance and general wear and tear issues are not covered by buildings insurance. In order to fully protect yourself, you should also have contents insurance, as damage caused to household or other goods is not covered by a buildings insurance policy.
The Association offers buildings insurance that covers full reinstatement value. The following is included within your buildings insurance charge:
- Arranging insurance for owner occupiers and commercial owners in compliance with title deed conditions
- Ensuring all of our factored properties are adequately insured
- Processing claims on your behalf
If you wish to make a claim, you should contact a member of the factoring team as soon as possible – you will be given a claims form and information about the claims process. Please note that if your account is in arrears, we will not be able to process an insurance claim until the account is paid in full.
There is an excess of £100 for any claims made for damage to your property and an excess of £500 for claims made for common areas, which is split between all of the owners equally. Combined excesses may apply in some cases.
If you have alternative buildings insurance, you are required to provide the Association with the summary of cover prior to the cancellation of the cover provided by the Association. This information must then be provided annually.
Contents insurance is not included within our buildings insurance policy and arranging contents cover is the responsibility of each individual owner.