Leasehold Insurance on a Flat

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Hi,

we own one of 3 flats in a conversion, “managed” by the same property management firm. Every year we get an insurance renewal bill for around £400 + (with a £19 admin fee).

All 3 flats have looked into organising our own insurance at a much cheaper rate but the management company have refused. Previously they have said that because our quotes don’t include insurance for acts of terrorism then they can’t accept it! We’re not exactly a prime ISIS target!

Question is, are they allowed to hold us to ransom over this or are we legally entitled to shop around for our own insurance?
All 3 flats are in the process of forming a company in order to buy the freehold soon.

Any help appreciated.

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