Getting insurance for a flat typically involves two main types:
Buildings insurance: This covers the structure of the building, including walls, roof, and floors. For flats, this insurance is often arranged by the freeholder or the management company, with costs shared among the leaseholders through service charges. As a flat owner, you should ensure that the building has adequate coverage.
Contents insurance: This is the individual flat owner's responsibility and covers personal belongings, furnishings, and interior decorations against risks like theft, fire, and other damages. When obtaining contents insurance, you should:
Assess the value of your contents to get adequate coverage.
Consider additional coverage for high-value items or accidental damage.
Compare quotes from various insurers for the best deal and coverage options.
Review any exclusions or limitations in the policy.
If your flat is leasehold, always check the terms of your lease and any existing building insurance policies to ensure you don't duplicate coverage and to identify any gaps you might need to address.