Now the day’s trend of flat culture has gained huge popularity across the world, especially with huge number of the population migrating from one region to another in search of the appropriate job, for study purpose or for any other reason. Due to increasing rates of land per square meter and price of raw materials for constructing a personal house has become a dream of open eyes for a layman. Taking the advantage of this various builders have started constructing long buildings comprising of various flats constructed at different floors and then either selling them or giving them on rent or lease to persons willing to reside in them.
But then constructing a building with blocks of flats is not an easy task and there are lots of risks associated with it, despite of embellishing buildings with various safety measures. Because the safety measures installed by you may protect your building from specific damages, but besides this there are various risks which may shift you towards huge financial loss. It is because of this facility of blocks of flats insurance is offered by various insurance agencies offering insurance policies. The service facilitates the landlords with safety from all those incidences like fire, floods, rain, etc shifting them towards huge financial loss.
Blocks of flats insurance are a self explanatory term which pertains to fleet of flats that are constructed in building. It is generally different from the landlord or property insurance because in these types of insurances the risk is implied only on individual the owner of the property, but when it comes to insurance for blocks of flats it is shared equally between all the flat owners and management of that building. Because if an individual owner gets his flat individually insured at that time claim for insurance will be a difficult task with each flat owner claiming insurance according to loss faced by him. Another complication which might arise if getting individual flat insured is that different insurance companies have different policy coverage and therefore claiming insurance, according to them while residing in block of flats may be critical for flat owners.
Blocks of flats insurance are a self explanatory term which pertains to fleet of flats that are constructed in building. It is generally different from the landlord or property insurance because in these types of insurances the risk is implied only on individual the owner of the property, but when it comes to insurance for blocks of flats it is shared equally between all the flat owners and management of that building. Because if an individual owner gets his flat individually insured at that time claim for insurance will be a difficult task with each flat owner claiming insurance according to loss faced by him. Another complication which might arise if getting individual flat insured is that different insurance companies have different policy coverage and therefore claiming insurance, according to them while residing in block of flats may be critical for flat owners.
