Buildings Insurance

Chris1001

We live in a flat (SE14)  - shared with two other occupants - shared lease between us all. Have now come to renew buildings insurance and we seem to be penalised as there has been a gap between previous insurance coming to an end and applying to renew (3 weeks). Have tried several insurers but premium has gone up massively to around £3,000 p.a. (This for buildings insurance only - we have separate contents insurance as there are three households). We did have a big insurance claim (water damage) last year so expected the premium to go up but not this much.
Any help much appreciated. 

casper_gutman

For comparison, what was the premium last year? Insurance costs have risen markedly, which combined with the big claim last year will mean high premiums this year. Whoever you go with, get a policy in place ASAP. If you have a problem while there's a gap in your insurance, it could cost you a lot more than £3,000!

Ectophile

Before you pay that, are you sure you need to be buying buildings insurance at all?  It's normal on leasehold properties that the freeholder is responsible for buildings insurance, and the leaseholders can buy contents insurance if they wish.

casper_gutman

Ectophile said:

Before you pay that, are you sure you need to be buying buildings insurance at all?  It's normal on leasehold properties that the freeholder is responsible for buildings insurance, and the leaseholders can buy contents insurance if they wish.

Good question. I'd jumped to the conclusion that this was a "share of freehold" situation (i.e., that the freehold was owned by the OP and the owners of the other flats), but re-reading it's not entirely clear....

twopenny

Both labour and materials have greatly increased and as a result insurance.

Have you tried a comparison site?
Be sure to match like for like first.
Then see if savings can be made.

SustainabilityMary

Leashold building insurance, if your landlord pays and recharges you. Yjos mau be of interest see Freeholders face class action over insurance commissions - Leasehold Knowledge Partnership