Insurance Bills 'Soar' After High-Rise Cladding Scandal

By Lucia Osborne-Crowley (January 27, 2021, 12:40 PM GMT) -- A consumer group said on Wednesday that leaseholders are struggling with a surge of up to 1,000% in the price of buildings insurance to cover the risks linked to unsafe building materials following the Grenfell Tower blaze in London, in which 72 people died.

Residents of apartment blocks are paying an average of over 500% more for buildings insurance than they were a year ago, consumer rights advocacy group Which? said after it surveyed leaseholders from 16 residential buildings.

In one case, residents' premiums had risen from £34,000 ($46,600) in 2019 to £254,000 in 2020 and £525,000 in 2021 — an...

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