In England and Wales, the vast majority of flats or maisonettes (usually one flat ground and one flat 1st floor) are insured on a “block” or “umbrella” policy. What this means is that the individual flat owners do not (normally) insure their own bricks and mortar.

In the majority of cases their is a single block of flats building insurance policy that covers the whole structure from the foundations to the roof. There are two understandable reasons for this. Firstly, in the event of damage, say to the roof, there is not an argument between which insurer is responsible. And secondly, you can get a better deal by buying one “big” policy.

However, this does not stop it being more difficult to obtain than a standard house, car or business insurance policy. The reason is that it is the type of policy that falls between the personal and business type of product.

You need to make sure that you have a good quality policy with low excesses and wide cover. Most commercial insurance companies will have specialist block of flats building insurance policies, these will cover buildings, loss of rent, property owners liability and glass. As with most financial products, you need to kiss a few frogs until you find a prince (or princess) but getting two or three quotes from different providers should give you enough of a range of quotes to decide what to do.

You will need to gain agreement from the other flat owners, usually best to try and arrange a quick annual meeting where you can all get together to decide what is best.

Back in 2007, we had what was alleged to be a summer. You may remember it as it was the one where we had far too much rain, everywhere. In Gloucestershire and Hull, unfortunately there was severe flooding which took years to sort out for some.

If your home is flooded, your policy will pay for you to rent somewhere else, it is a standard addition to your policy (if it isn’t, get is changed quick!).

If you live in a flat or maisonette, things may be slightly different. You would normally arrange some sort of commercial building insurance, for the property as a whole.

In the market, you can get a bespoke block of flats insurance policy. There are dozens and dozens of different varieties and types. The cheaper ones tend to have more restricted cover. When the floods occurred, many blocks of flats or houses converted into flats, where damaged. The owners of the properties would want to get somewhere else to live, and get the insurance to pay for it.

This cover is called alternative accommodation. Some insurers do not offer it. In the event of a serious flood, the costs for this for all flat owners can be significant. The usual policy limit is 20% of the total sum insured for buildings. Another reason for having suitable cover is that when the 2007 floods occurred, the cost of rented accommodation in the locality increased by up to 50%. Supply and demand, basic economics, came into play and the costs went through the roof. Without cover, the costs for some where very high.