Reports regarding the insurance market continue to find that the market is hardening for a number of reasons, including; persistently high rates of Escape of Water claims, continuing concern around flood risks and building construction, economic uncertainty and decreasing profitability for insurers.
As a result of these experiences, insurers continue to withdraw from offering insurance for residential, multi-occupancy buildings, indicating that challenging times are likely to continue. This is already evidenced around the property factoring market in Scotland, where premium rate increases, increased policy excesses and restrictions to cover are ongoing.
Despite this, HPMS have been delighted that the vast majority of our customers have not seen their insurance premium rate increase over the past 7 years, and in many cases our customers have experienced premium rate reductions.
For 2023-2024, despite these significant pressures, we are delighted that AON have successfully negotiated renewal of the vast majority of block policies with a premium rate decrease of 5%.
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;
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 Factoring 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 HPMS place buildings insurance cover on your behalf is the option of arranging a Common Policy, which covers all flats or apartments 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 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 local Property Factoring Team who will be pleased to assist you.