Insurance Claim...... Need advice

[axil23]

Just wondering if it's worth claiming on this one. My T had a small fire in a flat. Will cost me £1,000 to fix. If I take a claim will it effect my entire portfolio when it comes to renewal?

I would hate for the other properties in my portfolio to also take a hit because of this one.

[Richlist]

If its a flat then presumably its leasehold and the buildings insurance is a block policy provided by the freeholder or their managing agents from the service charge account ?

Normally the lease requires the freeholder to effect insurance for the building so any valid claim should be paid in full. They don't normally operate a 'no claims bonus' system as with cars. I can't imagine that a relatively small claim for £1000 is going to directly result in a significant increase in premium next renewal but, only the insurers can advise you on that.

[axil23]

If its a flat then presumably its leasehold and the buildings insurance is a block policy provided by the freeholder or their managing agents from the service charge account ?

Normally the lease requires the freeholder to effect insurance for the building so any valid claim should be paid in full. They don't normally operate a 'no claims bonus' system as with cars. I can't imagine that a relatively small claim for £1000 is going to directly result in a significant increase in premium next renewal but, only the insurers can advise you on that.

Sorry little confused by your questions. Basically I paid £x premium to insure 21/23 flat numbers which are upstairs and downstairs combo. Now 23 has had a claim. But I have another x number of properties in that portfolio. So will a claim on one of my properties cause the premium to rise on just that one or all?

[Richlist]

I'm surprised if your insurers can't provide you with a definitive answer.

Good luck.