Barnet Homes leaseholders will have recently received a letter regarding building insurance from 1 October 2023. This letter explains that unfortunately, there has been a large increase in the cost of leasehold buildings insurance which must be paid by leaseholders from 1 April 2024.

We will write to leaseholders individually with the specific amount they will need to pay.

We appreciate that this news comes at a difficult time for leaseholders, especially during a cost of living crisis. We are committed to providing the best possible value for money for our leaseholders, but have had no control over the insurance market on this occasion.

We are committed to supporting our leaseholders at this time. The following financial support services available through Barnet Council or Barnet Homes are:

  • For cost of living help visit Barnet Council’s website:
  • Use Barnet Council’s online benefit calculator to work out if you are entitled to anything further which you aren’t already claiming:
  • BOOST, The Barnet Group’s employment, finance and benefits support service are here to help you.

If you are looking for work, want better paid employment or need help with budgeting visit their website:

  • Call Barnet Homes on 020 8080 6587 or email: to discuss your circumstances with a Leasehold Income Officer or Welfare Benefits Adviser.

Challenges in the Leasehold Insurance Market

In the last few years, there have been significant changes in the leasehold insurance market. Whereas previously there was a good number of insurers in the market, such as Aspen, Ocaso, Zurich Municipal and NIG; and more recently Protector and Avid, the majority of these have now withdrawn their business.

However, following the tragic events at Grenfell Tower, there have been large changes in the insurance market. The key challenge for insurers was previously ‘escape of water’ claims, water-related loss, and small fires.

Following the Grenfell Tower fire, insurers have acted more cautiously, and many have left the market. Zurich Municipal, who have provided Barnet’s leaseholder building insurance for over 30 years, has left the market, leaving just one provider able to meet the necessary requirements.

The leasehold insurance market groups all local authority policies in to one policy, meaning that all leaseholders pay a comparable premium, regardless of their type of property.

This, combined with high inflation in the UK, has meant the cost to insure properties has increased greatly. The changes in leaseholder insurance are affecting the whole UK market, not just Barnet. Unfortunately, Barnet’s policy has come up for renewal at a time when the insurance market is especially unstable.