Yesterday, Stephen asked Lee Rowley MP, the Parliamentary Under-Secretary of State for Local Government and Building Safety, to help leaseholders faced with soaring Buildings Insurance costs. Stephen raised the case of Barrier Point in Newham’s Royal Docks where insurance premiums have risen by £6,000 per resident.
Buildings Insurance covers the structure of a building and its fixtures. Leaseholders in apartment complexes often pay a share of the insurance costs for the entire complex. Insurers have raised premiums dramatically for complexes with unsafe cladding since the tragic Grenfell Fire in 2017, leaving leaseholders struggling to find an insurance quote or facing unaffordable costs.
Stephen has frequently pushed the Government to reduce Buildings Insurance premiums. Residents of Barrier Point, in Newham’s Royal Docks, face an extra £6,000 in insurance premiums since unsafe cladding was found in one of its towers. Stephen raised their case with the Government yesterday, having written to and met with Aviva, Barrat, and the Government about their case previously.
Speaking in Parliament, Stephen asked, “The Secretary of State told me in January that such insurers were “squarely in our gun sights”. Can the Minister offer any prospect of imminent relief to my constituents, some of whom face a demand of an additional £6,000 this year?”
The minister responded that he hopes a scheme by the Association of British Insurers to reduce costs will “come forward in the next few weeks.”