I am confused, what type of insurance am I paying for?
The insurance requirement stated in your lease refers to buildings insurance. Typically it is the responsibility of the Landlord to ensure the building is insured to its rebuild value.
Buildings insurance is different to household contents insurance. It is the responsibility of the tenant to obtain their own household contents insurance.
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Do I have to insure with you?
Flats:
The tenant’s insurance obligations are set out in each flat lease and need to be adhered to. Our Insurance Department will be able to answer any queries that you may have.
Houses:
The lease of your house may require you to insure your property through the landlord’s insurance broker. It may however no longer be necessary for you to insure in accordance with the terms of your lease if certain procedures are followed.
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Why do I have to insure with you?
There is a stipulation in your lease that requires either the Landlord to insure the building, for the insurance to be placed through the Landlord’s nominated insurance agent or for your Residents’ Management Company to insure via the Landlord’s agency. Our Insurance Department can check your lease for you to confirm the relevant clause.
Your lease is a legally binding document, and the insurance requirements will apply to all of the leaseholders within the block.
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Why has my insurance been changed to block policy?
When a block is insured on an individual flat basis, tenants can at anytime cancel their insurance, which will render the block under insured. The Landlord will thus maintain a block policy. If one or more tenants do not pay their insurance premium, the Landlord will intervene and meet this cost. The premium will then be recovered from the tenant with costs.
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