Comprehensive Building Insurance

Welcome to our Comprehensive Building Insurance page – an essential component of our service offered at Factors Direct.

As part of our management service, we can arrange a comprehensive buildings insurance policy on behalf of owners.

If we’re tasked with arranging insurance on your behalf, either due to Deed of Conditions requirements or homeowner instructions, we work with independent insurance brokers to ensure you are getting the best deal and cover possible. These brokers have direct market access and monitor the policies on our behalf to ensure optimal coverage and transparency. It is standard practice with factors to receive commission from the broker on insurance products. This is due to the considerable time and work involved in delivering services, administration, on-going support and issuing of policy documentation.

We provide comprehensive documentation to owners, clearly outlining the insurance cover in place and the associated premiums required for payment. However, it’s important to note that each owner is individually responsible for their own content’s insurance.

When we arrange insurance for the common property, the onus is on each homeowner to verify that the sum insured is sufficient, we are not authorised to provide insurance advice. We do not conduct insurance reinstatement cost assessments, but we can arrange for professional valuers to perform this service if the majority of homeowners request it. The Royal Institution of Chartered Surveyors recommends conducting these assessments every 3-5 years to avoid an ‘Average’ being applied.

Overview of insurances which may/will be required:

Buildings Insurance

This cover provides insurance to re-build or re-instate the building in the event of substantial damage / total loss. It also covers costs of damage caused by insured events such as fire, flooding, and storm damage. The policy covers the fabric and permanent fixtures of the building along with common areas. This insurance does not include private contents.

Property Owners Liability Insurance

This cover provides insurance for owner’s legal liability for injury or loss to third parties, as a result of an accident within the communal areas.

Terrorism Insurance

This cover provides insurance for potential losses that may occur due to terrorist activities.

Our objective? Ensuring your property remains adequately insured and giving you peace of mind.