Buildings insurance for large block of flats

[Blue Oval84]

In need of some advice if I may...

I live in a 60's block of flats, the development is formed of two main buildings, housing a total of about 50 properties. It's mainly concrete and brick built, not a special type of construction like flat panel, I was able to get a mortgage no problem.

The insurance claims history isn't great, apparently there have been 9 claims in the past three years, totaling approx £15K in payouts. Mainly for escape of water from internal pipes.

This is my first year of ownership, and the buildings insurance has come in at £612 for my flat, with a total premium for the block of £33k.

The policy is with a big insurer, and covers £20 million for the building, with a declared value of just over £13 million(not sure why this is different from the building amount?), and a Property Owners Liability of £10 million.

Can anyone confirm whether £33K seems like a reasonable insurance premium?

A friend of mine is on a committee for a similar block and he thought that premium was excessive.

I've asked the managing agents for evidence of what other quotes they received as part of the process but am still awaiting a reply.

If it genuinely is reasonable then fair enough, but considering how high the premium is, I'd have thought there were better deals out there, even taking into account the claim history?

Thanks!

[Blue Oval84]

Thanks Steve, PM sent!

[Blue Oval84]

dacouch said:

It's nine claims in the last three years running at about 17% is not that low a claims ratio.

If you're going back nine years there are likely to be a lot more claims

There are dozens more claims going back beyond three years, as you say, over the last three years alone we are on 9 claims, nearly all for water leaks, and mostly low value stuff (hence total payout is only £15K).