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Hi
1. We live in the basement/ground floor of a block of 6 flats. There is a management company for the block that owns the freehold, that we all have 1 share in. 5/6 of the flats are owner occupied and one is used for rental.
2. We have had 10 years buildings insurance with Simple Landlords insurance. Its all been fine.
3. This year they say that the law has changed, that they won't insure us, and that we need to get individual insurance policies for the block. This will mean that we replace one £750 policy with 6 individual ones costing (I would imagine) c£250 a time.
Does anyone else live in a block like this? And if so have you seen this happening?
Thanks
Seems strange to me. Have you spoken to a broker?
You can PM me OP if you want some advice, own a small insurance brokers.
Long story shot, it would be better for you to keep the property insured under a single policy.
Does sounds odd - how can you value how much rebuilding just your flat would be? And if it's just the whole block / number of flats then what happens if one of the other flats doesn't insure theirs? I guess it's not so bad for a ground floor flat as you could just end up in a bungalow :p
Recommend giving Sandwicheater a call, he’s been really good for our company insurance requirements which are far more complex.
Thanks all. I will message Sandwicheater a message. Cheers
Update; In touch with @Sandwicheater who is a lovely man and whose offices are only 7 miles away. All good, really helpful. Thanks for advices. The joy of Singletrack