Leaseholders in high-rise buildings with unsafe cladding systems face enormous hikes in buildings insurance.
The cladding scandal has given rise to a buildings insurance scandal that is costing leaseholders thousands of pounds in additional service charges on top of what they are already paying for interim measures such as waking watches.
Consumer magazine Which? recently reported that leaseholders are now paying over £3,000 a year each for insurance, with some facing increases of over 1,000% (27/01/21).
The Guardian had previously reported that the National Fire Chiefs Council (NFCC) had met the Association of British Insurers (ABI) to express their concerns over these increases (06/10/20).
The ABI continues to refute suggestions that insurers may be profiteering due to the cladding scandal. However, leaseholders argue there is no justification for such punishing increases in insurance premiums given that interim measures are already in place to mitigate the fire risk in their buildings.
The government should act as an insurer of last resort and underwrite insurance where premiums have soared
We are calling on the Government to End Our Cladding Scandal with 10 Steps