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Grenfell effect made our flats insurance premium ruinous

Last modified on Wed 16 Dec 2020 05.41 EST I bought my first flat in a four-storey block in 2017. The building had been fitted with insulating cladding two years previously using the government’s Green Homes Grant. The cladding has been certified as fire safe and is still widely used. Despite this, and the fact that the block is only 16 metres high, our existing insurer, Covéa, has refused to renew our cover. We have found a new provider, Aspen , but it insists that we first remove the cladding at a cost of around £400,000 and then pay a premium of £109,000, which is 600% higher than what we were paying before. The sums have to be divided among 40 flats, which could be ruinous for some leaseholders. Our premiums, if anything, should have gone down because the building has undergone extensive remedial works to improve fire safety.

People planning holidays next year urged to check for insurance gaps on Covid-19 cover

People planning holidays next year urged to check for insurance gaps on Covid-19 cover Holidaymakers are advised to check coronavirus-related cancellation cover, before and after booking. Are you thinking about a holiday abroad next year? (Image: Getty Images) Get the latest on money saving tips and benefit changes straight to your inbox each week with our Record Money newsletter.Invalid EmailSomething went wrong, please try again later. Subscribe When you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice. Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice

Tom Baigrie: Responsibility for advice is protection clients need most

Tom Baigrie: Responsibility for advice is protection clients need most By Tom Baigrie 15 th December 2020 11:09 am The Association of British Insurers wants the FCA to enable fee-free simplified advice because research shows that the customer needing help to access their pension pot doesn’t want to pay fees. Instead, they would love their trusted insurer to help them make their own decision, for which the customer is happy to take responsibility. Actually, that last sentence isn’t quite true, is it? And therein lies the problem. Responsibility costs. That is why the ABI is asking the FCA to allow its members to sell without taking it.  

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