How Block Management Companies Safeguard Residential Blocks with Insurance

As the manager of a residential apartment block, you carry a heavy load of responsibilities on your shoulders, ensuring the smooth running of your block of flats while making sincere efforts for the wellbeing of all residents. Entrusted as the block manager, you face an uphill battle in tackling all of these responsibilities and more.

One crucial item on your never-ending list of duties is insuring your block from potential risks. In all likelihood, the single most expensive item on the service charge list is the insurance. Although expensive, the insurance entity is an essential aspect of block management that you simply cannot ignore or put on the back burner. 

Choosing the right insurance company for the job is arguably one of the most critical decisions you will make as you take on your managerial responsibilities. Before you come across a problem with your risk management, take the initiative and get your block insured.

How do you go about securing block insurance on your own?

At Habitare, we understand the importance of residential property insurance for residential blocks and offer block management insurance services tailored to your block’s needs. Of the numerous insurance service providers that are available, we analyse the different options that may suit you, and then offer an insurance policy that works as the best fit for your apartment block. 

In this blog, you will learn how block management companies can help protect your apartment blocks with the right insurance coverage.

Why Is Block Insurance Important?

Block insurance is important for a building or block of flats for the same reason that personal insurance is vital for any individual’s health. It is similar to opting for health cover for yourself and your family to protect from health risks and emergencies. 

With uncertain times and situations, having residential property insurance for a block of flats or apartments is a reliable and effective risk management strategy. With insurance cover, you alleviate any potential hazards, be it natural calamities or legal liabilities. 

The insurance for your block of flats is generally arranged by any one of the following three:

  • The freeholder, individual or the jointly-owned company of the leaseholder
  • Right to Manage Company (RTM) or Residents’ Management Company (RMC)
  • The block management agents on behalf of the above two

As a block manager or an RMC director, it is best to choose an insurance policy with comprehensive coverage to include various risks. The risk coverage, property insurance valuation, and other legalities can make a significant difference in the value of your property, the premium charged, and the types of risks covered.

What Residential Property Insurance Policies Does Your Block Need?

  • Building insurance
  • Communal areas
  • Plant inspection and breakdown
  • Terrorism
  • Property owners’ liability
  • Employers’ liability
  • Directors’ and officers’ liability
  • Legal expenses

The building insurance policy covers the structure and common areas of the building. Elements such as the exterior, roof, communal hallways, and shared facilities may also be included in the policy. If your block suffers damage from natural disasters like fire, storm, and flood, or suffers from accidental damage, you can claim back the costs of the damage repairs.

At Habitare, we ensure that the insurer complies with all the regulations when applying to the above-mentioned policies. We also recommend having risk management processes in place to mitigate or minimise potential liabilities if and when they occur. We always endeavour to protect the interests of the flat owners and the residents of the block.

How to Choose the Right Block Insurance Policy?

Other insurance providers may claim their insurance policy offers comprehensive coverage, but it is always worth comparing the summaries of coverage that is offered by different providers. However, the exercise of narrowing down to one option and choosing a reliable insurer can be time-consuming and energy-draining.

More importantly, check if the policy has been specifically drafted for blocks of flats and does not feature the standard commercial building insurance policy details. This is an important consideration as insurance firms can classify blocks of flats, whether conversions or purpose-built, as commercial risks. 

Rely on the expertise and seasoned block management agents at Habitare to take care of all the finite, crucial details in choosing the right block insurance for your block of flats. 

We conduct a comparative analysis of various policies and take into consideration the insurer’s claim record to suggest the best possible cover. Meanwhile, as a block manager, you can relax while we take care of the insurance of your block. 

Contact us today with your block’s insurance requirements.

Trust Habitare As Your Block Management Agent for Your Block’s Insurance Needs

Looking for a trusted block management agent for your residential property insurance needs? 

When partnering with Habitare, you know you are in capable hands with our highly experienced team of professionals who have an exceptional understanding of insurance, from residential property insurance to property insurance valuation, ensuring your block’s insurance is covered.

We take immense pride in our exemplary track record of servicing our clients and exceeding their expectations at all times. Our block management services also cover contractor management, emergency management, accounting, and more.

To find out more about our services, contact Habitare now!