Buildings Insurance

bach230

We have recently found out that we have been incorrectly paying buildings insurance for our property, which is shared equity/ownership, for the last five years.

Trying to sort this out with our current insurer is proving to be a nightmare.

I was informed this morning that our current insurer can only give us a 50% refund and that our buildings insurer through the housing association will have to pay the remainder due to a law which prevents our current insurer from paying the full amount. Does anyone know anything about this?

It seems a little harsh that we may have to ask our insurer through the H.A for half of the refund when the fault is nothing to do with them.

I am now awaiting a letter regarding the above from our current insurer so am hoping that this law is mentioned in there but thought i would ask on here. We may be going to Trading Standards about this to find out about the law as well.

InsideInsurance

A little more detail about what mistake has happened etc would be helpful

bach230

What detail do you require? I started typing things but felt i was repeating myself!

rs65

If two insurers covered the same risk then they would probably share any claim that arose. It seems right that they would each refund 50% now that the issue has been discovered.

Not sure if there if there is a relevant law, as such, but it is the way insurance contracts work.

inoutnotsure

This sound a bit like you having 'dual insurance'. Do a search on this.

You have to be clear on what the insurance policies cover because arguably the HA may have insured for something different than your home insurers because they have slightly different interests.