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2554-07-20

Frequently Asked Questions - Block Buildings Insurance Policy

Frequently Asked Questions - Block Buildings Insurance Policy

Introduction

All owners in properties we factor must have buildings insurance.

Paisley South HA offers owners receiving our factoring service, through the subsidiary Paisley South Property Services, the option to purchase our block policy insurance.

What is buildings insurance?

Building insurance covers damage, caused by one of the insured perils, to a property covered by our block insurance.

This insurance does not cover damage to tenant’s/owner’s own personal property or belongings.

What does the Buildings Insurance cover?

Building insurance covers damage to the flat or house caused by one of the insured perils.

What are the insured perils?

They include incidents such as a fire, a flood, storm damage and vandalism. The full list of insured perils can be obtained from Sharon Gibb, Finance Officer, Paisley South Housing Association.

Who can buy the Block Insurance Cover?

Any owners who receive our factoring service can purchase this insurance cover.

Can shops purchase the Block Insurance Cover?

Yes so long as we factor your building.

How do I know if I am covered by the Block Insurance Policy?

If you have paid the annual insurance charge, generally included in the May factoring bill you are covered. Refer to your factoring bills and statements.

If you are unsure contact Sharon Gibb, Finance Officer.

How much does it cost?

There is a price for owners and a different price for shop owners. The price is reviewed on 1st April each year. Contact Sharon Gibb, Finance Officer for the current price.

Is there an excess?

Yes there is. The excess is currently £100 per claim.

Does the insurance cover repairs to the common areas?

If you are on our Block Policy, the repair costs more than the excess, and the damage was caused by an insured peril; then yes it will be covered.

Does an excess apply to common repairs?

Yes it does. You will be charged your share of the excess in your factoring bill.

How do I report a common insurance repair?

You should report the repair to the association on the usual repair line no 0141 583 4100 and we will take care of the rest.

How do I report an insurance repair to my own property?

You should contact Sharon Gibb, Finance Officer, for an insurance claim form.

Do I require quotes for the insured repair?

Yes you will require to send 2 quotes with your completed insurance claim form if the insured repair cost between £500 and £1500.

What if the insured repair will cost more the £1500

If your claim to your property is likely to be over £1500 you must contact the insurance company and they will instruct a loss adjuster. Ask Sharon Gibb, Finance Officer for the contact details.

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