Changes to Residential Multiple Occupancy Reforms
From 31st December 2023, insurers must disclose the buildings insured value that formed the basis of the insurance premium calculation and disclose the total premium, as well as any taxes.
Leaseholders pay for buildings insurance through a service charge, or equivalent process, but cannot choose the insurance policy and it is not always clear how the insurance part of the charge has been calculated. From 31st December 2023, insurers must disclose the buildings insured value that formed the basis of the insurance premium calculation and disclose the total premium, as well as any taxes. Insurers must then show the main benefits and exclusions under the insurance policy. The pricing and product details must be detailed enough for leaseholders to decide whether the costs of the product are reasonable.
What we are doing
- We are making sure that we provide consistent and clear information and that leaseholders will know where to look for the detail about the insurance and the costs.
- We will conduct fair value assessments to make sure that our product gives fair value to both the freeholder and the leaseholders.
- We will set out the information in a Summary of Cover and a certificate of insurance and will make it clear to the leaseholders what information to look at.
What the brokers must do
- The brokers must give the information to customers and tell them to give it to the leaseholders
- The brokers must tell the leaseholders what payments are made to all parties between the insurer and the leaseholder and whether they obtained several quotes before deciding which policy to recommend.
- If leaseholders cannot get the information, we will tell them how to get in touch by email.
Direct dealing customers with Zurich Municipal
- Where we have a direct-dealing approach we will provide the detail to the customer to pass on to the leaseholders
- Local authority and housing association customers must give the information to leaseholders and other policy stakeholders
- If policy stakeholders approach us for this information, we will do our best to validate who they are and direct them back to our direct local authority and housing association customers. If they come back as they are not able to obtain this information, we will provide it to them as we are required to.
Please note: The above rules only apply to residential buildings with multiple occupants.
Multi-Occupancy Leaseholder Enquiries
Email: leaseholderenquiries@uk.zurich.com
Please note, you will need to provide a valid policy number.
