after flood how much will premiums increase by?

dolly74_2

I am currently going through a major flood claim. Prior to that i think it was about 5.5 years since i had a claim. I have buildings only. It will be costly, think in total probably about £15,000 after temp accomm, cleaning company, building works etc have been accounted for. How much can i expect my premiums to increase by at the next renewal? Would i be better off with one of the specialist companies or do i have to stick with that insurer for another 5 years. I am not sure how it works. Don't want to stick with insurer (Tesco) as i have not found them very helpful at all.

Quentin

Do some dummy quotes online to see what difference it makes.

warez22

I work for an insurance broker and we are seeing different insurance companies doing different things - some insurance companies are loading the premium at renewal by around 40 - 45% - some arent increasing the premium but are increasing the excess in respect of flood. Very few are doing nothing.

It is essential that you keep any paperwork for any improvements to the local infrastructure/steps that you have taken to lessen the likelihood of it happening again in such a severe manner.

Hope this helps and good luck.

FlameCloud

Are you sure of the claims cost? £15K for a flood claim is not major, it is small- usually you see costs of £60K upwards. Drying alone, dependant on what is affected can be £5-£10K

_Andy_

dolly74 wrote: »

. How much can i expect my premiums to increase by at the next renewal?

£17.27 is standard increase

Faith177

You may find that some companies won't accept you at all after having a flood claim.

As for increase it really does vary from insurer to insurer best to run through dummy qiotes as someone else said

dolly74_2

flamecloud when you say drying out can cost £5k, did you mean electricity or what? Just so i am prepared for big bill i will send to them. It is just buildings. I know that buildings work itself is about £6,000. I feel they are cutting corners. Water was waist deep but they say it doesnt need replastering. Hmmmm.... Doesn't sit well with me.