Home Insurance premium too high?

DavidDR

I live in a block of 15 flats in Edinburgh - three stories over a ground floor restaurant. The flats alone are insured for £4.5 million. The building insurance premium for the flats alone? £8500. £600 a flat per year. The restaurant has a separate policy - details as yet unknown. Does this seem too high to anyone? It's a factored building.

kingstreet

The ground-floor occupant being a restaurant will see the premium for the block increased. The restaurant's insurance isn't relevant to the other occupants of the block, as only a case of negligence on the part of the restaurant's management would see its insurer responsible for anyone else's costs.

£566 a year does not seem an unreasonable premium for each flatholder to pay to cover such a risk, but I'm not a commercial insurance broker, so can't say for sure. A £4.5m sum insured may look on the high side, this depends on the rebuild cost for the building and this may be reasonable in some circumstances, such as location, size and construction type.

Why not contact a commercial insurance broker and see what they quote?

Fine_Insurance

Like Kingstreet states, £566 doesn't sound unreasonable. Check out the BIBA (British Insurance Brokers Association) website to find a broker near you.