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Buildings Insurance... please help!!


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Hi All, Just got my buildings insurance renewal quote for £326.40 :o. I checked with my neighbours and they all pay around £216 for exactly the same cover, broker and type of property. We are all obliged to insure with the landlord's nominated insurer (leasehold properties).

 

I checked with the broker and they want me to speak to my landlord, my lanlords are not interested and either way they want me to pay that amount for the same construction.

 

Any views on this please?? :confused: HELP!!!

 

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It could be due to any number of other rating factors, your age, your occupation, if you have anyone else living there, their age and occupation.

Could be that your property may have suffered some kind of loss years ago like subsidence or flood and the other property's haven't.

The company will look at each property on an individual basis so for whatever reason, they have determined that yours is a higher risk.

I don't think you'll ever really know as the broker cant discuss your neighbours policy's with you due to the data protection act.

 

 

DA

If you find the advice I give is useful, then please feel free to click the scales :)

 

"It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt" :)

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But how do I start this... I can not pay this amount without knowing why I have to pay more.

 

Surely the property above rests on mine and if there are concerns of risk, why the others pay less?

 

What can i do?? I can't afford this premium

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As i said, its down to the underwriters to determine the risk and therefore the premium they charge for your policy. The only way to find out is to speak to the insurance company and for them to compare your policy to a neighbour with the same property/postcode etc and see why there is a discrepancy in the premium. However, due to the data protection act, they wont do this.

 

I genuinely cant see any way you can deal with this other than to log a complaint with the company and see what they say then.

 

DA

If you find the advice I give is useful, then please feel free to click the scales :)

 

"It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt" :)

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I wrote to them asking for a detail breakdown and information of any previous claims or concerns, lets wait and see.

 

If i get no where i'll be back to you all... thanks for your replies.

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We are all obliged to insure with the landlord's nominated insurer (leasehold properties).

 

Any views on this please?? :confused: HELP!!!

 

 

Although I haven't dug into this, I think that it will be illegal just as it is with travel companies, airlines, banks and financial institutions.

The landlord could insist on a certain level of cover, but not the company you go with.

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  • 2 weeks later...

We managed to make some adjustments to my buildings insurance premium and now I'll pay £266 from £326... the sum insured was higher than requiered.

 

The new thing is, can claim back the overpayments made for the past 3 years on this policy?

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We managed to make some adjustments to my buildings insurance premium and now I'll pay £266 from £326... the sum insured was higher than requiered.

 

The new thing is, can claim back the overpayments made for the past 3 years on this policy?

 

I very much doubt it, I'm afraid to say. The cover has already been provided, and if you had a claim they would have been liable to pay out.

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