r/Glasgow Tools

Title
Author	Farookbuls4r4
Comment	As far as insurance goes, you can collectively buy a policy for the whole block, with the policyholder being something along the lines of “The Co-proprietors for the time being of 123 Buchanan Street”. It would insure the entire building, but you would still need to arrange your own individual contents policy. To understand the difference between the two, imagine if you could pick up your building and turn it upside down - everything that fell out is your contents, everything that stayed put is covered by the buildings policy, including carpets, kitchen units etc. You can probably arrange a policy yourself online, but an insurance broker can advise you on how much to insure the building for, the right cover to purchase, and will also obtain quotes for you. It should cost you nothing to ask a broker to get quotes for you - they receive commission from the insurer if you decide to go ahead with cover. They may charge an admin fee on top, but again, only if you decide to go ahead. A block buildings is much more simple in the event that you have to claim, as you are only dealing with one policy and one insurer. It means there should not be any difference in cover between various policies. It’s also easier in the event of something like an escape of water. If you all have an individual policy, they person who has the water ingress claims (for example, upstairs neighbour’s washing machine leaks through your ceiling - as long as it’s not down to negligence, you have to claim for the water damage to your flat). This can something’s feel a bit unfair, and cause issues between neighbours. With a block policy, you are all the policyholder, so the block claims (you would still be liable for the excess). There is lots of advice online about self factoring. You can find a local insurance broker through Google - plenty to choose from in Glasgow. Brokers can legally provide advice across the whole of the insurance market, and are very heavily regulated. If you approach an insurer directly, they can only provide you advice on their own products.
Reddit Link	https://www.reddit.com/r/glasgow/comments/17svf1e/administrator_for_self_factoring_question/k8t00qf/
Created	Sat 11th Nov 2023 4:59pm
Status	normal ()

As far as insurance goes, you can collectively buy a policy for the whole block, with the policyholder being something along the lines of “The Co-proprietors for the time being of 123 Buchanan Street”.

It would insure the entire building, but you would still need to arrange your own individual contents policy. To understand the difference between the two, imagine if you could pick up your building and turn it upside down - everything that fell out is your contents, everything that stayed put is covered by the buildings policy, including carpets, kitchen units etc.

You can probably arrange a policy yourself online, but an insurance broker can advise you on how much to insure the building for, the right cover to purchase, and will also obtain quotes for you. It should cost you nothing to ask a broker to get quotes for you - they receive commission from the insurer if you decide to go ahead with cover. They may charge an admin fee on top, but again, only if you decide to go ahead.

A block buildings is much more simple in the event that you have to claim, as you are only dealing with one policy and one insurer. It means there should not be any difference in cover between various policies. It’s also easier in the event of something like an escape of water. If you all have an individual policy, they person who has the water ingress claims (for example, upstairs neighbour’s washing machine leaks through your ceiling - as long as it’s not down to negligence, you have to claim for the water damage to your flat). This can something’s feel a bit unfair, and cause issues between neighbours. With a block policy, you are all the policyholder, so the block claims (you would still be liable for the excess).

There is lots of advice online about self factoring. You can find a local insurance broker through Google - plenty to choose from in Glasgow. Brokers can legally provide advice across the whole of the insurance market, and are very heavily regulated. If you approach an insurer directly, they can only provide you advice on their own products.