Building Insurance - Terrorism cover

Johnmo

I am in a social housing property and the manager states that social housing schemes now have to have building insurance covering acts of terrorism. The cheapest they say they can find has put the building insurance for our complex of over 55 bungalows up from £3,730 to £13,749 per year. I have asked if the cannot take out a seperate terrorim policy and keep our old insurance but they claim not.

They say that all social housing providers have had to change the insurance.

Has anyone else in social housing property found the same?

mark_cycling00

We had to have terrorism insurance included from 2016. I don't think it added much in fact our costs, in fact it went down because the managing agent no longer took their big "referral fee"

It makes sense to be covered, you can imagine tower blocks in London where all the windows get smashed or made unsafe due to a ground level bomb. 
Someone needs to pay to rehouse tenants, pay the mortgage due to lost rental income etc.

I'd imagine that the risk to bungalows was rather less than a glass tower block in London though and so the increase in premiums should be less.

Has the estate also been revalued? 
That might push up costs a lot but you to need to insure the current rebuild costs.

Just some thoughts....

Johnmo

The managing agent says that all of the increase is due to the fact that they had to find an insurer who covered acts of terrorism and this was the cheapest that they could find.

Do you know who provides your building insurance including terrorism cover