With that in mind, it has become more important than ever to make sure that all the i’s have been dotted and all the t’s have been crossed when it comes to insuring these hulking buildings. This has led to the rise of companies such as Deacon, who specialise in buildings insurance for blocks of flats and apartments.
For instance, if the building gets under-insured, the insurer could reduce the claim in proportion to the under-insurance. So, if a flat was insured for 50% of the correct value, only 50% of the claim might be paid. Of course, most policies make provision for the buildings declared value to increase over time, but if the original value is wrong this will only exaggerate the issue.
Another area that gets easily overlooked is professional indemnity insurance. It’s worth remembering that any advice that a landlord provides to their clients is potentially legally binding. Indemnity insurance can help protect the business from potential financial catastrophe and reputational damage from dissatisfied clients.
These are just a few reasons why getting professional advice when it comes to such insurance products is vital.
Now, to lighten to mood, here are some fun facts about flats:
The first flats
Rome was one of the cities that experienced an influx of population owing to the economic growth of the area. This prompted the Romans to build structures that were higher and would be stronger than the normal ones. The first block was characterized by a ground floor with a shop and apartments above.
There are two buildings in Milan with apartments that are decorated with trees. The 20,000 trees reach as high up as the balconies that create the look of a forest. While some may find it strange, this model is slowly being picked across the world in countries like the Netherlands and China.
The forgotten house
Martha de Florian was a renowned actress in 1934. During the Second World War, Florian left her apartment in Paris in search of safety but never returned. To the shock of many, the owner never noticed her absence. It was until the owner died in 2010 when real estate agents went to assess the building and found Florian’s apartment untouched.
In 2020, the real estate world will be treated to a shape-shifting tower that will also be rotating. This block, which is being constructed in Dubai, will be a unique scene worldwide.
Recently, old landmark buildings are being converted into flats instead of being demolished. One such building is the Battersea Power Station in London, which is now a modern flat.
Train line constructed through apartments
An exciting thing happened in China lately where contractors built a train line through an apartment building in Chongqing. More countries may look at this as a way of conserving space and building more flats.
The Tallest, Smallest, Largest Buildings
The tallest skyscraper in the world is currently the 72-meter Burj Khalifa in Dubai. On the other hand, China has built the smallest apartments at 50 square feet only. The largest building is Copan Building with 1,160 apartment units housing 5,000 residents.
Going underground and underwater?
The scarcity of space is also pushing construction companies like Deacon to get creative with some now considering underwater flats. Mexico City has been on the forefront of this project, with Aequorea being proposed. If successful, this city will be in Rio de Janeiro.
Globally, London is the second city where a flat costs the highest after Hong Kong. The rent is £7,090 monthly; while in Brighton, Oxford, and Edinburgh, the average is £5,000 per month. By October 2018, the most expensive flat in UK was £160 million at One Hyde Park, London.
The feudal system dictates that you can lose your apartment and have no compensation if you do not honour your lease agreement or fail to pay the service charge. While landlords cannot easily kick you out of the apartment and reclaim it as their own, it could still happen.