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Block Insurance - 100% increase vs last year

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  • 07-04-2020 9:19pm
    #1
    greep
    Registered Users Posts: 101 ✭✭


    Has any of you been involved in renewing BLOCK INSURANCE recently?
    I have been told there are only a couple of companies offering that type of insurance at the moment.
    Their quotes are ~100% higher versus last year.
    We're talking about tens of thousands of euro difference...

    NOTE: I had not conducted the research myself, but rather was presented with the findings.

    Is this the true picture or am I missing anything?
    Tagged:


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    #2
    Caranica
    Registered Users Posts: 10,026 ✭✭✭✭Caranica


    Our budget is the same as last year so no significant increase that I'm aware of. We have a fairly significant excess (€5k) but no open claims. Has your development had a lot of claims recently? Or any identified fire/structural/safety issues?


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    #3
    Citygirl1
    Registered Users Posts: 297 ✭✭Citygirl1


    Hi. Yes, this is an significant point. I am a director on our management company.

    Our insurance was due for renewal at end of last month, and the premium has increased over 50% year on year. This is despite the broker searching the market, and our management agent engaging a second broker.

    Our previous insurer (a UK company) had pulled out of the Irish market. We've been told that due to Brexit, a number of UK insurers are pulling out of the Irish market, reducing the available options. Additionally insurers are becoming increasingly reluctant to provide cover for apartment blocks, given all the fire issues being discovered, in addition to the Grenfell Tower tragedy.

    Our particular development was impacted by some specific issues, particularly fire remediation works, still in progress, and an open public liability claim. Does your place have any open issues?


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    #4
    greep
    Registered Users Posts: 101 ✭✭greep


    I heard exactly the same story about 1 company pulling out of the Irish market.

    There is one open claim (in court at the moment) & but recall any from the past few years.
    There are some other works being carried out at the moment, following the guidelines from the insurer to mitigate the risk of personal injury etc... but even with that, the quote was shocking.
    I cannot think of any other issues.
    We also have centralised fire alarm system in place.

    Might be worth engaging a second broker though...

    Thanks for your feedback


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    #5
    Edgware
    Registered Users Posts: 5,875 ✭✭✭Edgware


    Quotes are going up no doubt. Its very important to build a good relationship with your Insurance Company, be seen to act on any of the concerns they may express re fire safety, management and minimsing of claims etc .
    However if companies are leaving the market those remaining will increase premiums


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