Property insurers have forced “crippling costs” onto residents of apartment blocks in the aftermath of the Grenfell disaster, the UK government said as it requested a review of the market.
Some residents in medium- and high-rise buildings have seen their insurance premiums double in a year, Housing Secretary Michael Gove said in a letter to the Financial Conduct Authority and Competition and Markets Authority, which will conduct the review. Gove asked the regulators to look into the price increases and the reasons why coverage was limited for properties in multiple-occupancy buildings.
