FlatGuard has named as one of just five UK insurance brokers that have signed up a voluntary government pledge for the benefit of residential leaseholders.
The Department for Levelling Up, Housing & Communities (DLUHC) announced at the end of October that “a number of the most prominent insurance brokers, that provide buildings insurance for multi-occupancy buildings, have each stepped-up to address the concerns around the value and transparency of commissions and commission sharing. Each of these brokers has signed a pledge to help reduce costs and improve disclosure for buildings insurance to residential leaseholders in buildings with fire safety issues.”
DLUHC added, “All of the brokers who have agreed to sign this pledge are committed to address concerns and deliver best practice in the treatment of leaseholders.”
FlatGuard’s pledge, which you can read here, is their commitment to best practice in insurance broking for managing agents and their RMC, RTM and freehold clients.
Residential leaseholders in multi-occupancy buildings with fire safety concerns have suffered the most, with rising costs of insurance, as well as other mitigating fire safety measures such waking watch greatly impacting the service charges they pay.
Andre Backner, founder of FlatGuard, explained: “Following two years of FCA and government discussions, I am extremely proud that our continued commitment to improving the outcomes in the blocks of flats insurance sector and our dedication to supporting our clients is being recognised in this way.”
DLUHC: “We encourage freeholders and property managing agents (if they require services from a broker), to use one of the signatories to this pledge. We would also encourage leaseholders to press the placer of insurance for their multi-occupancy building as to whether they are using a broker that has subscribed to the pledge.”
For more details on FlatGuard’s pledge, contact Head of FlatGuard, Jack Seton, on jack.seton@bridgeinsurance.co.uk
