Insurance Excess - Excessive!

unabawn

Hi There,

I am a leasehold owner in a period property with 4 individual flats. Unfortunately escape of water in my flat came to £50k (approx) in damage, which is thankfully covered by insurance. I got a new quote for insurance this year and the excess if there is an escape of water is £12,000!!! Now I don't plan on EVER going through this hellish nightmare again, but never say never and I know I wouldn't be able to sleep at night knowing that I won't be able to pay such an excess. Plus if my excess is £12,000 does that mean the other occupants will be expected to pay this amount in excess too should they experience a leak?

Advice please!!!

dunstonh

Plus if my excess is £12,000 does that mean the other occupants will be expected to pay this amount in excess too should they experience a leak?

Your policy is to cover your liability. Your tenants will have their own policies to cover their contents.

Have you tried a broker to see what alternatives are available?

*Scarlett

Was the £50k claim for damage to the building caused by the escape of water? Or did the other occupiers of the building claim against you / your insurer for some sort of negligence that caused them damage? This would be a liabilty claim and may have a worse effect on future insurance.

The value of the claim will probably restrict the number of insurers who will quote for you and if the insurer asks, you would need to declare the £12k xs as a special term / condition imposed.

You could try

http://www.adrianflux.co.uk/household/

https://www.homeprotect.co.uk/

dacouch

*Scarlett wrote: »

Was the £50k claim for damage to the building caused by the escape of water? Or did the other occupiers of the building claim against you / your insurer for some sort of negligence that caused them damage? This would be a liabilty claim and may have a worse effect on future insurance.

The value of the claim will probably restrict the number of insurers who will quote for you and if the insurer asks, you would need to declare the £12k xs as a special term / condition imposed.

You could try

http://www.adrianflux.co.uk/household/

https://www.homeprotect.co.uk/

I agree, £12k excess is an odd number, I would not be surprised if the claim including other flats was higher and the excess was a percentage say 10% of the total claim