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The Building Safety Act 2022 has reshaped the landscape for anyone involved in the ownership or management of residential blocks of flats. Introduced after the Grenfell Tower tragedy, the Act aims to make buildings safer, clarify accountability and protect leaseholders. But its impact reaches beyond construction and compliance, it is also influencing the insurance market and the work of managing agents.
“Trouble at t’mill” might once have been a light-hearted phrase echoing the North’s industrial past, but for today’s property owners, it can be all too real.
As the popularity of platforms like Airbnb continues to grow, many Residential Management Companies (RMCs) and managing agents are facing new challenges when it comes to property insurance for blocks of flats. With short-term rentals becoming a common occupancy type, it’s essential to understand how these new practices impact your insurance cover and premiums. Champion Insurance Group is here to help guide you through these complexities and ensure your property is adequately covered.
Securing buildings insurance for blocks of flats has never been straightforward – and it becomes significantly more complex when fire safety issues are involved. Since the Grenfell tragedy, insurers have taken a much stricter approach to underwriting blocks affected by combustible cladding, missing fire barriers, timber balconies and other related defects.
Underinsurance in property insurance has long been a challenge, but the scale of the issue today is alarming. Studies suggest that 94% of UK buildings are insured for the wrong amount, with 80% underinsured and 14% overinsured.