Block of 4 flats insurance gone up 50%

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    Block of 4 flats insurance gone up 50%

    Our insurance on a small block of flats in SW London has just gone up by 50% to just over £1000 pa The reason I was given by the broker is that the existing policy included cover for 'acts of terrorism'. Even a policy without the T cover is 35% up on last year because all 4 flats are now rented out to 'professional workers' whereas last year we had one owner occupier.
    1. Has anyone else experience this price hike?
    2. Any recommendations as to cheaper cover



    Freedom at the point of zero............

    #2
    Do you have a clause about not causing premiums to increase? If so, enforce that against the sub-letting leaseholders, and get them to cover the additional cost or arrange their own insurance.

    Comment


      #3
      I am not aware of any increases to that extent with any of our underwriters for landlord property or terrorism cover in the last 12 months. Hopefully this is something isolated to your current insurer who maybe had a bad experience in the last 12 months with something in your postcode area or something else related to your risk which has unfortunately had a big knock on effect to your policy.

      Have a look over at the LandlordZONE Insurance Directory for some other brokers to compare against.
      Steve Smith - Company Director at a leading Landlord Insurance broker with 20+ years experience in the industry
      LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
      See my profile for contact details

      Comment


        #4
        Thanks for that Ashburnham - I did wonder if a nasty experience was the case and not a general rule but the price with 2 others my current broker suggested was significantly higher. Will do as you suggest.




        Freedom at the point of zero............

        Comment


          #5
          Try getting a comparison quote for block of flats policy + terrorism cover from this online site which offers insurance cover by Lloyds of London :

          https://www.thepropertyinsurer.co.uk...ats-insurance/

          Comment

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