Buildings Insurance

At the same time as the Association negotiates buildings insurance for its own stock , it also asks the companies to provide a policy suitable for owners at a similar discounted cost. This means that as the Factor we are able to offer Owners, both residential and commercial, a block buildings insurance policy at very competitive rates. The main points of the cover can be found in our Leaflet ( link to our leaflet) and include

• Flooding Fire Storm Damage
• Burst pipes Vandalism

In many Title Deeds, it states that the properties have to be insured through the Factor - this is sensible because should anything happen to the building as a whole, then it is easier to claim and re-instate it if there is only one insurer involved.

The Association does recognise though that some owners prefer to arrange their own insurance as they can "bundle" the cover together ie Contents and Buildings and for commercials premises that includes business interrruption.

It is the owner's responsibility, particularly where they arrange their own insurance to :

• ensure that the insured value is sufficient
• provide details of the cover and value to the Association at each renewal to be held on file.

If, however, the value of the cover is found to be insufficient , the Factor often has the power to put the property on the Block Insurance and charge the owner accordingly. The Association may do this , especially where it believes there may be no insurance in place at all.

Owners Please Note that the Tenements (Scotland Act) 2004 states :

• it is compulsory for owners to insure their property
• other owners have a right to ask to inspect that cover and it must be provided within 7 days of the request.

Contents Insurance

Contents insurance is not included in the buildings insurance and the Association does not offer Contents Insurance directly. However, the Scottish Federation of Housing Associations (SFHA) does offer this type of cover through Diamond Insurance at very competitive rates.

Further information regarding arranging contents insurance using the SFHA scheme can be obtained by phoning the SFHA insurance hotline 0845 601 6006.