advice on insurance for an apartment

[TKH]

Hi All

just a bit of collective input or advice please

buying an apartment which is a 999 with 971 to go its on 1st floor theres only ground floor below nothing above.

Got my head around all the ground rent which is sensible and price 'fixed' and understand the management company fees and stuff for communal areas, roof, gardens etc.

Now then obviously Management Company has a policy for buildings insurance but we will need 'contents' which is easy to sort

But heres the question what kind of insurance / protection do we need to cover events such as a leak from our apartment which may affect neighbours below ?

There is a roof gutter downpipe in corner of an internal wall boxed in passing through our apartment so presumably that is part of the structure so covered by 'buildings insurance policy' in event of an issue ?

or am I overthinking ?

any advice or guidance much appreciated.

[learningtofly]

Yes, should be covered by the block building insurance policy.

[vulcangascompany]

You can ask to see the policy document from the buildings management company i suggest you have a read, see what is covered and also check the rebuild costs are up to date. Your solicitor will check the policy is in place but may not delve much deeper.

[TKH]

Good advice

I will get a copy from them 'devil in the detail' and all that.

[bambam]

A decent block policy will cover the eventualities you have listed.
It sometimes the management company will pay out of the maintenance fund if it’s something that isn’t covered by insurance but is an issue with the fabric of the building or communal areas.
A mate has a flat with a leak from the roof that affects a few of the flats in that block and the management co is dealing with it via insurance.
The guys they send round haven’t done a great job but that’s a different story.

[stelmo01]

Both should be covered by block insurance, but you may be liable to cover any excess charge on your first hypothesis. On the second it would be covered by the management company. I’d check to see how much that is - our block insurance has rocketed in recent years so collectively the leaseholders have opted for a higher excess in order to keep the premium down.


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