If you’re responsible for arranging Block of Flats Insurance, the premiums are influenced by a range of factors, many of which are linked to the level of risk associated with your property. While no broker can guarantee lower premiums, taking a proactive approach to managing your building may reduce the likelihood of costly claims.
Here are seven practical ways to help keep insurance costs under control.
1. Make sure that your rebuild cost is accurate
One of the most important factors affecting your premium is your building’s declared rebuild cost.
If this figure is too low, you risk underinsurance, which could reduce a future claims settlement. If it’s too high, you may be paying for more cover than you actually need.
To help ensure your building is insured for the correct amount, we offer Rebuild Cost Assessment services through RebuildCostASSESSMENT.com. An accurate rebuild valuation can help reduce the risk of underinsurance and make sure your insurance reflects the true cost of rebuilding your property.
2. Stay on top of maintenance
Preventative maintenance can reduce the risk of claims and demonstrate that the property is being well managed.
Regularly inspect roofs, gutters, drains, brickwork and communal areas, and deal with repairs before they become larger, more expensive problems. Addressing issues early can help prevent avoidable damage and reduce the likelihood of costly insurance claims.
Watch our video on why preventative maintenance matters and how regular inspections can help protect your property.
3. Reduce the risk of escape of water
Escape of water is one of the most common causes of property insurance claims. It refers to water escaping unintentionally from fixed water systems, such as burst pipes, water tanks, heating systems or appliances, often causing significant damage to buildings and individual flats.
Regularly inspecting plumbing, water tanks and heating systems, repairing leaks promptly, and carrying out preventative maintenance can help minimise the risk of escape of water incidents. Simple measures, such as insulating pipework during colder months and checking for signs of leaks, can also help prevent costly damage.
For more practical advice, read our guide on how to reduce water leaks and protect your property.
4. Invest in fire safety
Fire safety plays an important role in protecting residents, reducing the risk of significant property damage and demonstrating good risk management to insurers.
Simple measures such as carrying out regular fire risk assessments, maintaining fire alarms, emergency lighting and fire extinguishers, and ensuring escape routes remain clear can all help improve the safety of your building. It’s also important to review your fire safety arrangements regularly to ensure they remain appropriate for your property and comply with current legal requirements.
For more information on your fire safety responsibilities, see the Government’s guidance for responsible persons and residential buildings.
5. Improve building security
A well-managed, secure building can help reduce the likelihood of theft, vandalism and malicious damage.
As part of your regular property management, it’s a good idea to review your building’s security arrangements and address any issues promptly. Keeping your broker informed of significant improvements or changes to the property helps to make sure that your insurance accurately reflects your building and its associated risks.
6. Carry out regular risk assessments
Routine inspections and documented risk assessments can help identify potential hazards before they develop into incidents or insurance claims.
Depending on your property, this may include inspecting communal areas for trip hazards, reviewing trees and external areas, arranging electrical and lift inspections where required, and ensuring maintenance issues are addressed promptly. Keeping records of inspections, maintenance and remedial work demonstrates a proactive approach to property management.
For further guidance, The Property Institute (TPI) provides practical advice on health and safety responsibilities for residential property managers, including fire safety, communal areas and electrical safety.
7. Review your insurance with a specialist broker
Reviewing your insurance with a specialist broker each year helps ensure your cover continues to meet your property’s needs. It’s also an opportunity to discuss any changes to the building, improvements you’ve made or changes in occupancy, and to check that your policy still provides the right level of protection.
Taking a proactive approach to property management can help reduce the likelihood of claims while ensuring your building remains well protected. Reviewing your insurance regularly and working with a specialist broker will help ensure your cover continues to meet your property’s changing needs.
Insurance is subject to terms, conditions, limitations and exclusions. This guide is intended for general information only and does not constitute advice or a recommendation.
About Lansdown Insurance Brokers
Lansdown Insurance Brokers are specialists in Landlord Insurance and Block of Flats Insurance, helping property owners navigate the complexities of insurance and risk management.
Whether you’re a landlord, property manager, or residential property owner, call the team on 01242 524498 or email enquiries@lansdowninsurance.com.
Lansdown is part of the Benefact Group, a charity-owned, international family of financial services companies that gives all available profits to charity and good causes.