We're frequently contacted by clients whose current insurer will no longer cover them for flooding or who are unable to get flood insurance cover.
Whilst Flood Re has increased the availability of affordable flood insurance cover for many, there has been a significant decline in the number of insurers that are willing to insure homeowners, businesses and landlords in high flood risk areas.
There are a number of reasons, including:
Yes. however like all businesses they need to make a profit too. Flood claims by their very nature tend to be large and can significantly impact an insurers profitability even if they only have a handful of them.
Yes, they can, there is no obligation for any insurer to offer you cover for flooding or any other type of risk at renewal.
It's likely that your insurer has reviewed the data that they use to asses your flood risk and decided that your property is now too high risk for them to cover.
Rather than providing no flood cover at all, an insurer may restrict your flood cover. They can do this in a number of ways, including:
Insurers commonly use the same data to assess your flood risk, however, they may interpret the data in different ways, and also have a differing appetite for flood risk.
Yes, generally you can.
Home owners – If you are eligible for the Flood Re Scheme then you should find it easy to get insurance cover. If you are not covered by Flood Re then finding cover may be more difficult.
Businesses & Landlords - Yes it is still possible but your premium will be higher and your insurer may restrict the amount of cover they offer you.
No, it doesn't. However as many insurers use the same or similar data to assess your flood risk, it's not uncommon that if one insurer won't cover you for flooding then others may not either.
When you apply for any insurance policy your broker or insurer will generally ask you whether you have ever had insurance declined, special terms and conditions or an increase to your premium imposed. As with all questions your insurer asks you, you need to answer this question honestly.
Not all insurers are participating in the Flood Re scheme and similarly not all insurance brokers are able to offer Flood Re cover.
Business & Landlords – yes, it is possible but there are very few insurers that will offer this cover. If you are interested in flood only cover then contact us on 01832 770770.
Homeowners – no, cover for flooding is included as part of a standard household policy and its not possible to buy a separate policy just to cover flooding.
Yes its possible to buy cover for risks such as fire theft etc. and we have access to a panel of insurers that offer insurance excluding flood.
The best thing you can do is to contact a flood insurance specialist such as Flood Assist Insurance, we're backed by a leading panel of insurers that want to insure properties that have previously flooded or are in high flood risk areas.