The Home Builders Federation (HBF) raised concerns that insurance companies were seeking to profit from the building safety crisis. The Shared Owners Network similarly wrote that many shared owners were struggling to pay housing-related costs such as insurance. End Our Cladding Scandal (EOCS) raised exorbitant insurance as one of the many costs that risked putting residents “at risk of life-changing debt or forfeiture”.49 MHCLG’s Plan acknowledged that as well as needing to find thousands of pounds to pay for insurance, high insurance can make it difficult for people to sell their properties. We asked what efforts had been made to discuss the issue with insurance companies. MHCLG recognised that this was “a very serious problem”. It told us that it had asked the Financial Conduct Authority to undertake research into the high-rise buildings market in 2022. This found that the price of insurance premiums in high-rise buildings had doubled between 2016 and 2021. In its plan, MHCLG noted and that some individuals were facing annual bills of over £3,000.50 47 Q 117; MHCLG, Building Safety Remediation: monthly data release - December 2024, 23 January 2025 48 Committee of Public Accounts, Progress in remediating dangerous cladding, Sixteenth Report of Session 2019-21, HC 406, 16 September 2020, recommendation 4 49 RDC0006, Written evidence submitted by the Home Builders Federation; RDC0143, Written evidence submitted by the Shared Owners’ Network; RDC0145, Written evidence submitted by End Our Cladding Scandal 50 Q 50; Financial Conduct Authority, Report on insurance for multi-occupancy buildings, September 2022 para 1.16; MHCLG Remediation Acceleration Plan 20