Home insurance Flood query

cartlynne

You are right that insurers have no obligation to offer renewal, however, they have accepted on their terms and if you flood again and they pay out, they then have a legal obligation to renew and cover you for at least 5 years. I have also gleaned that after 15 years if you have "flooded" in that time it is as if you have never flooded as far as insurance is concerned (apparently!).
I personally found the Assocciation of British Insurers, the assocciation of Brokers, and every other legal body of no use whatsoever.
I have last week i nsured with the Co-Op as Ialso flooded in 2007 and AIG have withdrawn from tjhe home insurance market and left me with no insurance and no help to find cover. Brokers are no use due to the amount of claim £50,000.00 + where none of their insurers or underwriters will even consider me even though I live 2 miles up the top of a hill away from the river!
The Co-Op have been my salvation right now as my insurance ran out and after nearly 4 weeks of rejection, because of their 3 year no claim policy I managed to get £500,00.00 rebuild cost and £50,000.00 content cover for £395 instead of £1,300.00 (with no flood cover) and £4,500 escess

mrswack

Selden wrote: »

That's good news, but dacouch is right - the Co-Op's stance could change. And it's easy to see why. By taking a more sympathetic approach than other insurers, the Co-Op will start to attract a higher number of risks like yours, which have been hard to place elsewhere. Over time one might therefore expect its flood claim experience to worsen, possibly to a point which becomes a concern to either the Co-Op or its reinsurers. At which point it may be obliged to tighten its underwriting criteria...

Yes, yes..thanks for the ray of sunshine there.

For all us flood victims who have enough to worry about, the general doom and gloom of your posts don't help. Whilst fact is useful your last paragraph is just speculation intending to do nothing more than scare people. They have analyst that would be calculating their risks and exposure to certain risks for their own reinsurance purposes, they would not just randomly take any risk on just to dump policies later on down the line. More likely they will change their criteria once they have taken their limit.

I am at risk to a 1 in 100 flood here and that happened in 2007 so likelyhood is I won't be flooded, maybe it's the other insurance companies that their criteria wrong, 2007 was an exceptional year.

I am covered by the Co-Op for less than the kings ransom and so I am just pleased to be covered and would like others in my situation to know there ARE options....without giving them unlikely situations to worry about...I mean...I coukd get run over tomorrow couldn't I? (probability wise just as likely to happen as your scenarios)

alanfp

mrswack wrote: »

Yes, yes..thanks for the ray of sunshine there.

I am at risk to a 1 in 100 flood here and that happened in 2007 so likelyhood is I won't be flooded,

Please don't shout at me (I know this isn't what you want to hear) but that's not what it means. Just because there was a '1 in 100 yr ' flood in 2007 doesn't mean that you are safe until 2107.

It's like tossing a coin and getting tails 10 times in a row...the chance of getting tails on the 11th toss is still 50/50.

But all things considered, I would do the same as you and take the cheaper premium. It will also help if you decide to sell your property before the Co-op withdraw cover, as you can say "yes it did flood once, but my ins. premiums are only £300"

mrswack

alanfp wrote: »

Please don't shout at me (I know this isn't what you want to hear) but that's not what it means. Just because there was a '1 in 100 yr ' flood in 2007 doesn't mean that you are safe until 2107.

It's like tossing a coin and getting tails 10 times in a row...the chance of getting tails on the 11th toss is still 50/50.

But all things considered, I would do the same as you and take the cheaper premium. It will also help if you decide to sell your property before the Co-op withdraw cover, as you can say "yes it did flood once, but my ins. premiums are only £300"

Hi alanfp, I won't shout at you, promise, your post is based on fact, that I know as the 1 in 100 years thing has been explained thoroughly by AVIVA whilst they were trying to explain away their daylight robbery and profiteering!

Though if you knew our circumstances you would agree, we live nowhere near a main river and were flooded due to ditches not being cleared out and the pure saturation of the ground after all the ridiculous amounts of rain in june before the eventual flooding in july, it was a freak as we all know...probability of that weather again is highly unlikely....fingers crossed! So I am more than confident that they will not withdraw cover for reasons stated previously, besides, we have flood prevention now which would make us marginally more attractive!!