Their last insurance premium was almost five times higher than the previous year
Residents in an east London block of flats say that their insurance has become "extortionate" afterHomeowners at Tower 8, Barrier Point, Newham, live in a block of 54 flats affected by potentially flammable cladding.
The surge in rent at the development in the Royal Docks has resulted in some leaseholders taking out bank loans to cover the costs.The year before it was £1,169 per flat.Ms Bhan, who works in financial services and has a seven-year-old daughter, said: "It's beyond horrendous. "They're absolutely crippling and having a devastating effect on me and my whole family. And we've been told that there are no signs that it's going to get less over the coming years."
The predicament is not unique to Tower 8 at Barrier Point. Other cladded buildings across the country are facing similar challenges, and hundreds of London buildingsThe 2017 Grenfell Tower fire, which killed 72 people often led to sharp increases in service charges, costs for 24 hour "waking watch" fire patrols and spiralling building insurance costs, particularly those with high fire risk and potentially flammable cladding.
Housing Secretary Michael Gove said he was "outraged" by soaring costs and asked the British Insurance Brokers' Association to look into the practices.Stephen Timms MP for Eastham, where Barrier Point is located said: "I'm worried by insurers providing quotes that are prohibitively more expensive than those given previously. In some cases, insurers are withdrawing from the market and refusing to quote at all.
A spokeswoman for Gallagher said: "Insurers are responsible for setting the price of insurance premiums; as a broker our role is to help our clients secure insurance cover and we work with many different insurers to obtain the best solution and price."
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New social housing law after Grenfell fire and toddler deathNew rules to improve social housing conditions after the fatal Grenfell Tower fire and the death of a two-year-old boy due to mould have become law.
Read more »
Residents of Uxbridge react to narrow Tory by-election victoryThe Conservatives narrowly hold on to Uxbridge, as the mayor's ULEZ plans come under more scrutiny.
Read more »
The 'nightmare' huge tower block plan residents have been left furious aboutPlans for 120 apartments had been submitted to be built on land next to the Westwood Metrolink stop
Read more »
Residents hear 'loud bangs' before fire following 'disturbance' in streetResidents hear 'arguing' and 'loud bangs' before fire outside house following 'disturbance' in street
Read more »
Man claims 'bullying' by carers at a home where residents were 'neglected'A man has claimed there was a campaign of bullying by carers at a home where three residents were allegedly neglected.
Read more »
Glasgow residents to have their say on city centre busking and street performingBusking and street performance is a long-standing tradition in Glasgow's city centre and the council is now asking for the public's views in a new consultation.
Read more »