Building insurance

dale4947

I live in a block of 4 flat factored by hacking and Paterson and they have increased our insurance to £520 for the year.

I have repeatedly asked for them to help and try reduce costs by finding alternative insurance but have been offered nothing.

I have done my own research and checked my title deeds and nowhere states that I must be insured under a block policy. All it says that my property must hold adequate insurance. It does state on underoneroof.scot that I have the option of block policy or individual policy as long as the common areas are insured. It also states that I must provide proof to any owner that requests it within 14 days but I have spoke to 2 out of the 3 owners and they are happy to do the same. I have found a quote for buildings and contents insurance for £195 from a reputable company that states the common areas are insured.

Does anyone know or have experience of my situation and know if I am able to go ahead with my own insurance? 

It’s also interesting to note my brother also has a flat within a block of 12 in another development insured by hacking and Paterson and with the same insurance company, and his seems to be under an individual insurance policy yet whenever I mention it to H&P they say they can’t discuss any other properties. So it can be done. 

DullGreyGuy

You also would sensibly buy an indemnity policy which will cover you should one of your neighbours fail to buy insurance or buys it using false information etc. The biggest problem with individual policies is if the flat below has a major fire but don't have insurance, your flat cannot be put right until the structural issues are dealt with the property below but they don't have insurance and cannot afford to do it. Indemnity policies steps in however you may need to be able to show that all have policies at the time of purchase.

The second problem is that claims will be much slower as insurers argue over who needs to contribute to a subsidence claim or issues with the roof. Each will want to appoint their own loss adjustor and engineers etc. 

oldernonethewiser

You might also want to chase H&P and ask them questions in relation to section 5 of this

https://www.gov.scot/publications/property-factors-scotland-act-2011-code-conduct-property-factors/pages/6/


Some years ago I complained to our factor about the rising cost of insurance. This prompted them to get three quotes which were sent to all owners and the majority agreed on a new insurer.  Ultimately we got a new company to factor the building but not everyone necessarily wants to get involved in factor disputes/discussions