Building insurance

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    Building insurance

    Has the government suggested or offered any COVID 19 incentives to people for the building insurance since we have been in lock down this year and how come they have increased it by 20%?

    #2
    The premiums (or to be grammatically correct premia) have risen for two reasons firstly because general insurers were losing money at the rate of £102 for every £100 of premium that they received and secondly because in the past they have taken their premia and invested and make returns. Now the rate of return has been virtually nothing on funds held liquid and they have overall tended to lose money on their listed investments. That's how our broker explained the situation. Excesses are going up too, so that very small claims which cost more to administer than is paid out drop away. I see no reason why the Government should prop up policyholders. The Government have quintupled insurance premium tax. Originally at 2.5% it is now at 12.5%. The NHS, third largest employer in the World, by headcount, after the Red Army and the Indian Railways come with a huge wage bill, and we have to pay for it.

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      #3
      I see no reason why I should be propping up a multi million pound insurance industry either!!!!!!

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        #4
        Originally posted by Stacker View Post
        I see no reason why I should be propping up a multi million pound insurance industry either!!!!!!
        If you are required to pay a proportion of service charge costs as a requirement of your lease, you "prop up" the insurance industry because you have agreed to.

        You don't have to continue to do so, of course, you could instead sell your flat, refuse anything else that requires you to have insurance (e.g. driving), and opt not to pay for any voluntary insurance (e.g. contents insurance).

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          #5
          Originally posted by Stacker View Post
          I see no reason why I should be propping up a multi million pound insurance industry either!!!!!!
          Multi billion, I think you mean; Lloyds of London underwrites 1.6% of the world's catastrophe and other non life insurance business.

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