A Guide To Flat Insurance

Living in a flat or apartment is a popular way of life for people in many cities around the world. We have all heard of the trend for loft apartments in New York and transforming warehouses in the East End of London into individual dwellings. Many find that this is a cost effective and space saving solution to a shortage of reasonably priced houses, especially for first time buyers. However, living under a shared roof means that there are other people to consider. We take a look at specialist flat insurance essential for tenants.

Residents who live in flats and apartments often overlook the need for contents insurance, under the belief that this is covered by a generic flat insurance purchased by the property owner or manager. In fact, each tenant needs to ensure that they purchase their own flat insurance to cover the cost of replacing personal belongings. This often covers items that are stored in communal areas such as sheds and garages, which are areas of great concern for residents.

The fixtures and fittings are covered by a separate flat insurance which is usually arranged by the landlord or manager, which each tenant will contribute to through a maintenance charge. As all tenancy agreements differ to some extent, it is recommended that details of the insurance that is included in any charges is discussed prior to signing a tenancy agreement.

It is the safety of belongings in shared and communal areas that residents often worry about. In smaller apartments where residents know each other well, the concern is more for accidental damage than theft. However, in larger buildings where it is possible for hundreds of residents to be living, the safety of items left in such areas is reduced.

It is well known that opportunistic thieves target multiple occupancy buildings for a couple of reasons. From the thief's point of view there is likely to be a greater number of expensive electrical goods under one roof compared to a house, therefore, more can be gained from breaking and entering a block of flats to steal goods. In addition to this, because so many residents are coming and going, it is less likely that neighbours will notice that a burglary is taking place, as the thieves could well be a resident moving their own belongings.

Of course, this could work the other way; if tenants make efforts to know one another, an opportunistic burglar will be more easily spotted and apprehended in a close knit group of residents. Ultimately, it is down to the occupant to ensure that they purchase flat insurance that meets their needs, and we highly recommend talking to a professional broker to find out what the best cover may be for the circumstances.