Buildings insurance with recent big claims - advice needed
Posted by virgosuzie
11 September, 2019 14:59
We are 3 x share of freehold flats' owners needing one buildings insurance policy where we were all named. We have just purchased the freehold and the previous freeholder has a block insurance policy which they have refused to transfer. Even if they had transferred, we would be having the same issue given the current policy expires in November.
The issue is that there was a claim for water leak which turned out to be a major insurance claim in January this year. Insurance paid for renovating 2 bathroom, redecorating a bedroom, loss of rent for one flat which was let out at the time, alternative accommodation to the other owner-occupied flat and a bunch of other related expenses like electricity & water bills. The claim went over 60K in total!
We have so far contacted Coppergate, Lansdown and Aston Lark / Jobson James, who have all failed to find a single insure to quote for our situation. I am going to call Heritage and Westfield insurance brokers shortly but not very hopeful as so far every other insurer has declined to even quote! We would be prepared to ride out a period of high premium until we can get the No claims discount. Any advice will be gratefully received.