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Insurance: Buildings

Volume 506: debated on Tuesday 2 March 2010

To ask the Chancellor of the Exchequer if he will bring forward proposals to give the Financial Services Authority the power to consider cases of unreasonable buildings insurance premiums charged by freeholders of rented or leasehold property. (319671)

Remedies already exist for leaseholders to establish whether or not the insurance premium they are asked to pay or contribute towards by way of service charges is reasonable.

Where a leaseholder considers that a freeholder has overcharged in respect of the building insurance premium (or their contribution towards it), they have a right to take the case to a leasehold valuation tribunal for a determination of the reasonableness of the insurance.