Am I being ripped off by communal block insurance?

I have a two bedroom flat in a large Aberdeen development of 2/3/4 bedroom flats. I pay 0.89% of the annual policy premium. Smaller flats pay 0.61%. All fine as presumably my flat is dearer to reinstate if destroyed. I pay £700 per annum. Is that price fair or am I being ripped off?

I have not made any claims in 12 years, in contrast to the rest of the development which has seen high numbers of claims by individual flats for flooding/water leaks etc.

The deed of conditions (DOC), part of my title deeds states “the proprietors of each flat shall be bound to to concur with each other and with any manager or any factor in effecting a common insurance policy covering each flat, block common parts, mutual areas and car parking spaces”

This seems to make it clear that I cannot opt out and buy my own cheaper insurance. Has anyone seen any authority suggesting otherwise?

The size of the premium probably wasn’t helped by the fact that, when our factor was recently taken over by a new company, we discovered that a new policy had been arranged without consulting the owners. This is something we clearly need to address, given the “bound to concur” requirement in the Deed of Conditions.

Thanks,

Richard