A freeholder building insurance comparison is only useful when every insurer is quoting the same thing, and on block business they rarely are unless somebody makes them. The method is short: take the specification from the leases, fix the sum insured from an assessment, and compare rate rather than premium.
Take the specification from the leases
The perils, the basis of the sum insured, whose interests are noted and how the premium is recovered are all in the leases. Insuring more narrowly than they require is a breach owed to every leaseholder, so the leases are the specification and the market is only the source.
Fix the sum insured before you ask
A professional reinstatement assessment, refreshed periodically. Quotes at different sums insured are not comparable, and a lower figure is less cover rather than a better price. Send one figure to everyone and compare the rate they apply to it.
Compare the rest on six points
Peril list against the leases. Property owners liability limit. Excesses, including any separate escape of water or subsidence excess. Terrorism included or not. Employers liability if there are staff. And the commission payable, which should be disclosed and which leaseholders may ask about.
Questions people ask about freeholder building insurance comparison
Why compare rate rather than premium?
Because quotes at different sums insured are not comparable. Fix the figure from an assessment, send it to everyone, and compare the rate applied to it.
How often should a block be re marketed?
Every few years at least, annually for a large building. A specification sent to several insurers is the only real comparison.
Should commission be disclosed?
Yes. Commission on block business has been under regulatory scrutiny and disclosure is the expected practice.