Hello
I share the freehold of a 3 storey / 3 flat victorian conversion in North London. None of the quotes we have obtained are under £1000. Our renewal quotation has risen around 15% with all the excesses (esp subsidence) also increased.
There have always been subsidence issues across north london. However, touch wood we are ok and we are not aware of any claims for subsidence in the past.
As of a couple of months ago, none of the flats are let out, they are all owner occupied. The building is in a good state of repair - it even has a new roof.
The cover we have been offered includes £20K of contents cover which we don't need. When I queried this, the agent said it was standard and "free".
When I queried why such a large increase, he responded that we were in a subsidence risk area (that's no change on previous years) and the increased costs were due to increases in building costs, inflation etc (CPI is around 2.4% and expected to fall, building inflation is just below 3%).
Are we missing something here? I appreciate that we can't all get separate cover but all the Freeholders insurance we can find seems to be geared towards freeholders acting in a more business/commercial capacity.
Many thanks
Imp
I share the freehold of a 3 storey / 3 flat victorian conversion in North London. None of the quotes we have obtained are under £1000. Our renewal quotation has risen around 15% with all the excesses (esp subsidence) also increased.
There have always been subsidence issues across north london. However, touch wood we are ok and we are not aware of any claims for subsidence in the past.
As of a couple of months ago, none of the flats are let out, they are all owner occupied. The building is in a good state of repair - it even has a new roof.
The cover we have been offered includes £20K of contents cover which we don't need. When I queried this, the agent said it was standard and "free".
When I queried why such a large increase, he responded that we were in a subsidence risk area (that's no change on previous years) and the increased costs were due to increases in building costs, inflation etc (CPI is around 2.4% and expected to fall, building inflation is just below 3%).
Are we missing something here? I appreciate that we can't all get separate cover but all the Freeholders insurance we can find seems to be geared towards freeholders acting in a more business/commercial capacity.
Many thanks
Imp