Block Buildings Insurance

Gailymac

Hope someone can advise. I live in and own a lovely 1 bed ground floor flat in an Edwardian terrace in swlondon. The landlord, Pier Managenent, has a block policy on mine and about 10 other properties on my street. 

My annual premium is usually £750. They’ve just increased it to £1050 pa.  When challenged, they say 1) property prices have gone up and b) another owner made a large claim ( for a new roof) therefore we all pay an additional premium. 

Q: can I opt out if a block policy and get my own? 

Can I challenge this invoice asking for proof that they shopped around or details of this claim that’s bumped everyone’s policy up by £200! 

I’m feeling rather powerless and at their behest to simply pay whatever they invoice for, however High the bill. 

Any advice would help. Thanks 

DullGreyGuy

The lease will state who's responsible for buying the insurance on the building, that would really need to be changed if it were to be transferred to you to do it. 

Having one building insured by two different policies inevitably causes challenges, eg if there is a major storm damaging the roof of the building and the result ingress of water damages both properties... the upper flat will be wanting a contribution for the roof repairs, yours won't fix your damage until the building is watertight again etc. Gets really messy if it turns out the flat above hasn't got insurance and cannot afford the repairs. 


Speak to the guys on the buying/selling homes part of this site, they are much better at the laws around freeholders expenses. My understanding is that they arent obligated to get the cheapest option etc just that the cost has to be reasonable. You should be able to ask them for a copy of the schedule for the policy you are paying for, it should give you the basics of the declared claim in terms of peril and value.