House insurance help

halia

I need to work out how to get the best insurance deal. We're buying a house to renovate and need it insured whlist the work is going on but so far most of the big insurers won't touch it via online searches for one or more of the following reasons

Its an listed house (built 1846)
It will be unoccupied for much of the time (builders only!)
Its less than 400ft to the river

The last point really bugs me - the river just happens to be a gorge which is a good 20-30 ft BELOW the street level, it has never ever flooded in the 150-200 years that houses have been on that street!

So what options do I have - I really want to avoid paying a premium just because they assume its going ot get flooded! is it possible to take out cover that excludes flooding for a lower cost? Or would this also exclude flooding caused by burst water main etc?

I did look at specialist insurance for renovation projects but they rule out anything within 800m of a river!

any tips gratefully recieved

*MF*

Hi ...

More than one issue to your questions - each of which may call for specialist insurance knowledge, both of the subject and of the insurance market. None of which I strongly suggest are going to be addressed via website searches.

Principal siuggestion therefore, use an Insurance Broker, but one who has some degree of specialised knowledge:

a) Of listed buildings and the insurance market for such.

b) Of insurance of unoccupied buildings during renovation - and - the construction contract law which applies in your specific situation - the Broker will need sight of the renovation contract you agree with the builders - it should have clauses stating who is responsible for what during renovation

c) Of the flood risk profile of the area in which your house is situated - both for the period of renovation - and when the house is occupied (I am assuming you intend to live there after the work is done.

I don't know, nor can I recommend which Broker - but below is a link to the main Broker Trade Association - e-mail or I would suggest phone them, outline the issues you face and ask them for some contacts - more than one, so you can shop around, not only on costs but also on the cover available, and so you can form a judgement on the abilities of the Brokers concerned in the various areas.

http://www.biba.org.uk/ConsumerHome.aspx

Hope this helps ...

FlameCloud

As MF says, you'll need to go to a broker. You have three of the biggest problems (unoccupied, flood risk and a listed building) from an underwriting point of view.

halia

thanks for that, I understand the unoccupied risk, and I understand why they 'think' its a flood risk (its honestly not, the river is 10ft deep max and would need to rise by over 30 ft in order to flood the house!)

Why is a listed building more difficult to insure (assuming it doesn't have thatch etc?)

*MF*

Hi ...

The reason I mentioned a Broker with local knowledge relates to what you said earlier about the "flood" risk - and from your further comments it looks like a risk assessment (professional perhaps) would resolve that issue for an Insurer, and any half decent broker can assist you in that, ok.

But we need more than a half decent Broker to deal with unoccupancy - and imo - even more so when it comes to the construction contract and how the insurance is tailored to match those contract conditions.

Listed building? I think this link will help explain that aspect in more details than I could spend time on, ok? But put simply, any maintenance or repair has to be carried out in as true a fashion to the original - and that makes it likely to be expensive, sometimes very much so - think Windsor Castle.

:http://www.assetsure.com/listed-buildings-c.htm

*EDIT*

I wanted to give you a better "reference" article on all this, and in paricular one which linked the contract issues and the listed building aspect - this link comes closer to what i think will help - hope so, anyways:

http://www.buildingconservation.com/articles/insurance/insurance.htm


PS: I have no connections with any of the Companies, ok.

FlameCloud

halia wrote: »

thanks for that, I understand the unoccupied risk, and I understand why they 'think' its a flood risk (its honestly not, the river is 10ft deep max and would need to rise by over 30 ft in order to flood the house!)

Why is a listed building more difficult to insure (assuming it doesn't have thatch etc?)

Everything about a claim will be more complicated. You wont simply be able to send any old builder out, you might need to use specialists. These are more expensive, as are the materials themselves. You then have issues with how you actually restore the building with the council.

Which is why alot of insurers wont touch them.

halia

thanks ME thats very useful information and links

marsh22

Halia - just joined MSE and seen this. We are in a similar situation at the moment. I just wondered what you did in the end and where you found insurance from?

dacouch

Is it a barn conversion or renovating an old property or a total new build?