@Cosmo said:
Our insurance went up considerably also. We use a broker and I rang and asked why. They said it was the cheapest they could get. They got us two other quotes but both were more expensive.
My experience over a decade of being on our committee plus observing a few years either side is that insurance costs go up over a few years, usually gradually but occasionally in a big jump, even using a broker. Then we would get a wind-fall of a sudden, substantial drop and then the cycle would repeat.
Perhaps every few years someone in the market decides to price competitively and the others follow, then for a few years they don’t compete.
I don’t think it is right that an insurer determines the value of a building. Has the insurer done a valuation? mostly we just find they increase the previous years value by a %…
Increasing the valuation by a few % each year in line with the insurer’s recommendation is a reasonable thing to do if the start point was an independent valuation and that valuation was not to many years earlier.