Buildings Insurance goes up 100% for leaseholders in a London borough

Smyrnakid

I am shocked to recently realise that the estimated Insurance costs for our flat of which we are the leaseholders has increased this year (2024-25) by over 100%!! I am awaiting a reply as to how this can be justified and I am wondering if anyone out there has had the same experience and what they did about it.

sarah1972

Pmd the team to move to the insurance board https://forums.moneysavingexpert.com/categories/insurance-life-assurance  board 

DullGreyGuy

Who is the freeholder? Council or housing association type thing? Some buy a multi-year but billed annually policy which means you could see flat prices for 3-5 years for the duration of the policy and then a big jump when the next policy is bought. 

Generally property insurance is up significantly with an over 30% increase in weather related claims costs and a host of other issues in the last couple of years. Have your neighbours been making claims? A couple of burst pipes over a couple of years can do very nasty things to premiums. 

SustainabilityMary

Have you seen the recent class action over insurance commisions? If you are a leaseholders you may be interested.

Freeholders face class action over insurance commissions - Leasehold Knowledge Partnership