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We own a flat, we're in Scotland if that makes any difference, and we pay into a block insurance policy. It's a victorian converted hospital, there are 36 flats in the block but only 28 pay into the block policy.
I can see the numbers of the flats who pay on the schedule but I don't know any of the non payers well enough to ask them their reasons for insuring separately. Cost I guess? Assuming they even have buildings insurance, maybe they don't?
So if the whole building blows up and everyone pays into the block insurance then the insurers rebuild. But what happens if not everyone is in the block policy? Does it become a massive headache with potentially 9 insurers arguing about whether or not to rebuild? Could one person decide to take a payout and not rebuild?
Just curious really, we got talking about this yesterday. Luckily there is no gas in the building so the chances of the whole lot blowing up are probably smaller.