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Leasehold shared ownership issue - huge increase in buildings insurance
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sophlouwhit
Posts: 50 Forumite
We have paid £10 a month buildings insurance for years 2017-2023, today we got a letter thru post stating builldings insurance is now £30. 200% increase and this increase being 200% is my real issue here… can anyone advice what to do? Its a housing association freeholder & literally today got a letter with no explaination just a its now £30 job…
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Comments
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£120 a year for block insurance sounds exceptionally cheap, £360 a year still sound reasonable. In our block its £485 per unit
Initially, query it with the freeholder. Could be they've had more claims in the last 12 months, maybe the underwriter realised they'd made a mistake and so corrected it going forward, maybe a limit or deductible has changed, maybe its the 6 years compound prices increases after a long term deal ended0 -
Their policy probably changed providers or their cover terms changed with an increase in cost.
All insurances have gone up in the last year or so unfortunately housing Associations aren't immune from that0 -
And if it hasn’t gone up since 2017 then that’s not such a great percentage increase per year.0
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