Against a backdrop of reports that the insurance market has been and continues to be hardening, we have been delighted that the vast majority of our customers have not seen their insurance premium rate increase over the past 7 years.
In the last 2-3 years particularly, our broker tells us the appetite of insurers to provide residential property and liability insurance has been much reduced. Various factors affect this, including persistently high rates of Escape of Water claims and continuing concern around flood risks and building construction, along with wider economic uncertainty. The resulting reviews of their portfolios and consolidation in the insurance market has seen the withdrawal of insurers from this market, indicating that challenging times are likely to continue. This is already evidenced around the property factoring market where premium rate increases, increased policy excesses and restrictions to cover are ongoing.
The bulk of the insurance policies we place on behalf of our customers renew in May each year and, despite these significant pressures, we are delighted that AON have successfully negotiated renewal with premium rate increases restricted to just 2%, with no excess increases or restrictions to cover.
This gives our customers confidence that we have secured an excellent outcome for them through these very difficult and challenging times.
For more information on this and related topics you can see our previous News Stories on:
BUILDING INSURANCE – WHAT AFFECTS UP YOUR PREMIUM?
CONSTRUCTION AND SUPPLY CHAIN PRESSURES
GETTING A GOOD DEAL ON ENERGY CONTRACTS
If you are looking to find out more about Common Buildings Insurance in general you can visit the Under One Roof Website, where you will find independent information and advice on this and many other important subjects affecting flat-owners in Scotland.
You can check on the status of your insurance by contacting your Property Management Team, and find more information via your My H&P Web Portal and App. Your login details can be found on your common charges invoices or on the last letter we sent you in the post or by e-mail.
Don’t have a Common Insurance Policy?
One of the advantages of having us place buildings insurance cover on your behalf is the option of arranging a Common Policy which covers all flats in your building.
By insuring via a Common Policy you can be assured that all flats are covered, subject to a suitable Sum Insured, instead of checking each year that individual homeowners have taken suitable cover for their flat and the common parts of your building, and that these policies remain in force at all times.
Furthermore, if you insure your building separately not only will you will likely require to pay multiple excesses for any claim, which may exceed any premium savings, if any homeowner is uninsured it can become extremely difficult to progress essential repairs.
If you are unsure how your insurance is currently arranged; if you have been experiencing any problems or if you would just like some more information on how we can help you arrange your insurance please contact your Property Management Team or call us on 0141 248 5693.
