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Insurance for flood risk area
loveka
Posts: 538 Forumite
We are in the process of buying a holiday let. It has a stream running alongside it- as do many others in the village.
The vendor told us he has had insurance on the property. We have got a mortgage on it, so flood risk can't be that bad! Solicitor told us it would not effect the premiums.(We have asked why he said this but he has gone away on holiday)
However, we have come to actually buy insurance and no one will do it for us.
We have spent a lot of money on surveys, fees etc and it seems we are going to fall at the final hurdle.
If we were buying it to live in then we can get cover, but not as a holiday let.
Any ideas? Thanks.
The vendor told us he has had insurance on the property. We have got a mortgage on it, so flood risk can't be that bad! Solicitor told us it would not effect the premiums.(We have asked why he said this but he has gone away on holiday)
However, we have come to actually buy insurance and no one will do it for us.
We have spent a lot of money on surveys, fees etc and it seems we are going to fall at the final hurdle.
If we were buying it to live in then we can get cover, but not as a holiday let.
Any ideas? Thanks.
0
Comments
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A flood risk will obviously have an impact on insurance.
I think you should talk to a good insurance broker who will be able to advise and find an insurer if that is at all possible.0 -
We are in the process of buying a holiday let. It has a stream running alongside it- as do many others in the village.
The vendor told us he has had insurance on the property. We have got a mortgage on it, so flood risk can't be that bad! Solicitor told us it would not effect the premiums.(We have asked why he said this but he has gone away on holiday)
However, we have come to actually buy insurance and no one will do it for us.
We have spent a lot of money on surveys, fees etc and it seems we are going to fall at the final hurdle.
If we were buying it to live in then we can get cover, but not as a holiday let.
Any ideas? Thanks.
Buy somewhere else?0 -
I'm guessing you have been using either a comparison site(s), or various insurers' own websites.
However, we have come to actually buy insurance and no one will do it for us.
.
And I'm guessing they all ask you "Is the property within X feet/metres of a watercourse?" (or similar Q) and you are answering "Yes."
And you are declined.
Go to an insurance broker.
This may also be interesting:
https://www.gov.uk/government/news/flood-insurance-agreement-reached0 -
Thanks, I will look at that, very helpful.
As I said we would rather not 'buy somewhere else' as we have already spent quite a bit on surveys etc.0
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