leaseholder building insurance

malteser68

I need some quick advice around my freeholder's building insurance. my premium has to be paid via freeholder it has doubled this year from 227 to 437 due to "valuation" which I have been billed for? also I have found that the ground floor flat pays different annual cost over 150 cheaper? is this normal? and can I challenge? thanks in advance

dacouch

By "Valuation" do you mean they surveyed and discovered the property needs to increase the building sum insured?

Is the ground floor flat smaller than your flat?

malteser

hi
yes the valuation is in relation to market valuation this hasn't been done for several years. I have second floor and have loft space that is the only difference.

eddddy

malteser wrote: »

hi
yes the valuation is in relation to market valuation this hasn't been done for several years. I have second floor and have loft space that is the only difference.

Hi malteser

It's more likely to be the reinstatement cost that has been increased (i.e. the cost of rebuilding, if the building was completely destroyed by fire, for example.)

This has probably happened because the reinstatement cost hasn't been checked for many years.

As for the proportion you pay - that should be specified in your lease. You need to read it through.