Leaseholders to benefit from new insurance rights and protections...
The Financial Conduct Authority (FCA) has confirmed new measures to reform the multi-occupancy buildings insurance market, coming into effect on 31 De
In addition, the Department for Levelling Up, Housing and Communities (DLUHC) has stated it will act to ban the payment or sharing of insurance commissions with property managing agents, landlords and freeholders.
Since the Grenfell tragedy in 2017 insurance costs for leasehold properties – particularly in mid and high-rise buildings – have soared. Whilst this has largely been driven by properties with flammable cladding and other material fire safety risks, an FCA investigation revealed wider issues in the insurance market that have led to poor outcomes for leaseholders who ultimately bear the cost of the insurance cover.
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