House insurance: Insuring your flat

If you have a flat and you want to get it insured, know that flats are not the same as regular houses in the eyes of insurance companies.

16:51 27 February 2013

So, you have a flat and for your peace of mind, you’re seriously thinking about getting it insured. Before you start looking for insurers, know that flats are not the same as regular houses in the eyes of insurance companies. 

Right now, there are two main types of flats that people insure and these are Converted and Purpose Built Flats. Flats that have been converted are considered riskier compared to purpose built flats, as they may have been changed from what they were originally intended for. Therefore, may not be structurally sound. 

 

Generally, flats are rated higher by insurance companies as they are more prone to accidents and problems. For example, if there is a leak from the flats above yours, your flat will most likely to be affected. 

 

If you own the flat, the type of tenants that you have may also be considered by the insurance company. If they see that your tenants are more likely to be responsible, they may lower down your premium. But this isn’t always the case.