A quick guide to saving money on blocks of flats insurance


A quick guide to saving money on blocks of flats insurance…..

Who doesn’t want to save money on the cost of insurance? With something as valuable as your property investment, you clearly want insurance cover that provides all the protection it needs, yet at a competitive price – it is not a question on skimping on the cover you provide for your property, but paying what you consider to be an affordable price for those safeguards.

With block of flats insurance in particular, it can be difficult to get the most appropriate cover at an affordable price from a mainstream buildings insurance provider.

That is why using a specialist provider of block of flats insurance – such as ourselves here at Primecover – make sense. We understand this niche insurance and can provide what we believe is the most appropriate solution for you.

In the meantime, here are a few tips and suggestions on achieving value for money in the purchase of your block of flats insurance:

Help from the experts

  • if you are looking to save money on the cost of your insurance, avoid the temptation simply to renew your existing cover year after year;
  • the market is highly competitive and property insurance products are changing all of the time – so opportunities for cutting costs and improving the quality of the cover offered may be available simply by comparing your options;

Overinsurance: buildings

  • the total building sum insurance needs to cover the cost of completely reconstructing the building in the event of a major incident resulting in a total loss;
  • but this figure is unlikely to be as great as the current market value of your building, or even the price you paid for it;
  • the total building sum insured also needs to reflect up to date rebuilding costs as well as clearing the land if the property is razed to the ground;
  • cover also needs to include communal areas and, ideally, your tenants’ fixtures and fittings;


  • the more you do to reduce the risks of loss or damage, the better any insurer is going to thank you for it;
  • with a relatively small investment in upgrading locks on doors and windows, installing fire alarms and smoke detectors, and fitting intruder alarms, you might reap the rewards of lower insurance premiums;


  • a further way of attracting lower cost block of flats insurance is to shoulder a greater proportion of the risks yourself;
  • you might do this by agreeing to an additional, voluntary excess – on top of any compulsory excess that comes with the policy – and earn a reduction in the cost of your premiums as a result.

Without cutting any corners to get the protection you need, it remains possible to save money on the cost of block of flats insurance.

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