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Block insurance - share of freehold
buildingsinsurancequestio
Posts: 3 Newbie
Hi
Question:
Do any price comparison sites offer quotes for block insurance policies?
Background:
I bought a flat with a share of a freehold 12 months ago, and am taking on organising the building insurance for the first time this year.
I would like to get quotes for a block policy, to cover the entire building which contains 3 flats.
Each flat arranges contents insurance independently.
Thanks!
Question:
Do any price comparison sites offer quotes for block insurance policies?
Background:
I bought a flat with a share of a freehold 12 months ago, and am taking on organising the building insurance for the first time this year.
I would like to get quotes for a block policy, to cover the entire building which contains 3 flats.
Each flat arranges contents insurance independently.
Thanks!
0
Comments
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Still the domain of a decent broker, IMHO.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Is there a block policy on it already?0
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Yes. It was not arranged through price comparison; they contacted a single broker who put together a policy.0
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Is there a problem with the current policy or do you want to check the market to ensure a good price?
If you decide to look around, it's important to check with the broker / other residents that there are no potential problems eg subsidence / underpinning, previous floods and any claims in the last five years.0 -
Thanks for your responses!
There is no problem with the current policy, I just want to shop around - it seems pricey, so just want to check.
No problems such as underpinning etc. Claims history includes 2 claims in the past 5 years of £500 and £490 due to storm damage and escape of water, respectively.
Previous to 5 years, £105 for flood in 2007 and £4,334 in 2005 for escape of water (bathroom flood upstairs).0 -
Block Insurance is comparatively more expensive than a Building Insurance premium for a normal house.
Flats have a greater risk of claims typically storm damage, escape of water and fire damage.
You can ask your current broker to survey the market and make recommendations or you can ask another broker or use the internet.
Cheapest is not always best, you should find well known Insurers should not be that much more than the bottom end of the market.0 -
buildingsinsurancequestio wrote: »Yes. It was not arranged through price comparison; they contacted a single broker who put together a policy.
Don't think you will find a comparison site for this.
Ask your broker to check the market - its part of his job. What you need is not as straightforward as a domestic buildings policy.0
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