There’s been much talk in our blocks of flats insurance team about how the insurance industry is currently in what we call a “hard market.” So, what does this mean for property managers and owners?
Essentially, and rather unfortunately, this means that all lines of insurance premiums across markets – not just those at Lansdown property insurance – are likely to start rising more than in previous years. There are a number of factors that can contribute to this, such as:
- An increase in the frequency and/or severity of claims
- Properties may have been previously under-priced and insurers are now increasing premium prices to rectify this
- Restrictions on what insurers can and can’t now insure.
There are three key things that you can do to help ensure that you remain adequately insured and supported during this challenging time. These are:
- Work with a specialist property broker who understands your needs
- Prepare for your renewal earlier than normal. This will give your broker more time to find the best package for you in the current market.
- Be flexible. The market has changed and your broker might recommend changes to your cover, to ensure you get what you need at a desirable price.
So, how can the experienced team at Lansdown Insurance Brokers help you?
- We have excellent, flexible relationships with a vast range of insurers.
- We’ve been insuring blocks of flats for 20 years and understand the unique risks these properties, and owners like you, face.
- We’re on your side. We’ll provide assistance and advice to help keep your premiums down.
- We take a no-nonsense, jargon-free approach. We’ll explain things to you clearly and concisely.