£2000 for building insurance for a listed property with moderate flood risk

ari11

We are buying a £750,000 (ridiculous but its London) listed 3 bedroom property in an area with moderate risk of flooding. I estimated a £400,000 rebuild price for the quote (the insurance person said rebuild is usually estimated at 60-70% which seemed high so I went a little lower). We were told the annual cost of the building insurance would be £2000 (which was double what I was expecting).

Does £2000 seem very high to anyone else? I looked at a couple of apartments that had service charges around this much but decided against it in favour of getting freehold. However now I am not so sure.

Has anyone else (London or otherwise) been given quotes of this amount?

Thanks for your input.

retepetsir

£2000 doesn't surprise me for a £750k property in London with a flood risk.

Try some price comparison sites to see if this is a reasonable figure.

FWIW, our quote was £400 for a 3-bedroom detached in SE England, but worth a 1/3 of your property and not in a flood risk area.

kingstreet

The surveyor carrying out the valuation/survey on the property will include a rebuild cost, otherwise use the ABI calculator. Do not guess!

http://abi.bcis.co.uk/

wannahouse

kingstreet wrote: »

The surveyor carrying out the valuation/survey on the property will include a rebuild cost, otherwise use the ABI calculator. Do not guess!

http://abi.bcis.co.uk/

i looked at this and it doesn't work for listed or unusual buildings...it comes up with the message : the calculator only applies to typical houses. You must seek expert advice if you have a listed building or if your house has any special or unusual features.

dreading to think what it will cost on our new house! shame it didn't work!

Lemoncurd

We have just been quoted £1150 for a 4 bed property (not listed) within 100m of the Thames (this is three times what we currently pay only a few hundred metres away from the new property). Having trouble finding an insurer due to the flood risk and this is the only quote we have so far.
The property is being purchased for £650,000 and our surveyor gave a rebuild cost estimate of £325,000.

Would be interested to know names of any brokers/insurers you find who cover flood risk properties. Our quote was through http://www.bluedropservices.co.uk/

dacouch

Try Aviva..

ari11

dacouch wrote: »

Try Aviva..

Aviva were the ones that quoted me £2000.

ari11

Lemoncurd wrote: »

We have just been quoted £1150 for a 4 bed property (not listed) within 100m of the Thames (this is three times what we currently pay only a few hundred metres away from the new property). Having trouble finding an insurer due to the flood risk and this is the only quote we have so far.
The property is being purchased for £650,000 and our surveyor gave a rebuild cost estimate of £325,000.

Would be interested to know names of any brokers/insurers you find who cover flood risk properties. Our quote was through

I was advised to go to insurance brokers (Lark Insurance was one). I'm waiting for the survey before calling any other insurers. Trying to do some digging around and research in the meantime. Will let you know if I have any luck.

phoebe1989seb

We bought a 200+ year old non-listed thatched house with a stream running through the garden in Wiltshire two years ago and were advised to try NFU, who had been used by the previous owners after our current insurer refused to provide cover. Their quote was pretty high and none of the high street companies were prepared to cover us. In the end we went with Playle Russell (special risks) Ltd, who specialise in thatched, listed and period properties......might be worth a try OP.......

greenbee

Aviva refused to quote on my house without me paying for another flood risk report as the postcode is high risk even though the house itself is moderate. The previous owners insured through Legal and General and I got a very reasonable quote from LV.

ari11

wannahouse wrote: »

i looked at this and it doesn't work for listed or unusual buildings...it comes up with the message : the calculator only applies to typical houses. You must seek expert advice if you have a listed building or if your house has any special or unusual features.

dreading to think what it will cost on our new house! shame it didn't work!

I put my details in but selected the option as "not listed". It gave me a rebuild value of £328,000. So my guess of £400,000 for a listed property of the same type may not be too far off (if anything, may be too low).