Insurance claim options after water damage

Helmatron

Hi,

I live in a building with 5 flats, two of which are owner-occupied including ourselves. We recently had our flat flooded by a leak in the top flat (the three flats below were all affected). We have AXA buildings insurance which is covered by our service charge and managed by our managing agent.

I’d like to know whether we can opt for a cash settlement for the repairs rather than have the works undertaken at this time. I have been waiting for an answer from our agent for two weeks but no reply despite chasing. Has anyone else had any experience with asking for a cash settlement in this instance? People I have spoken to seem to think it’s fairly common.

If it is possible/common I’d also like to know how the value of the settlement is agreed. We have had a visit from a loss adjustor (have no idea who he worked for), and two separate contractors will be submitting quotes for the repair works. Will the insurance company base any potential cash settlement on their quotes? Would it be the lowest, or average, or highest?

I have asked for a copy of the buildings insurance policy but all I got from our agent was a document from the insurance broker saying what policy it was and what the excesses were, which is £500 for water - and I’m not sure how that would be spread out over the different flats/leaseholders, also awaiting a reply to that question from the agent.

Any advice greatly appreciated.

rose28454

Helmatron wrote: »

Hi,

I live in a building with 5 flats, two of which are owner-occupied including ourselves. We recently had our flat flooded by a leak in the top flat (the three flats below were all affected). We have AXA buildings insurance which is covered by our service charge and managed by our managing agent.

I’d like to know whether we can opt for a cash settlement for the repairs rather than have the works undertaken at this time. I have been waiting for an answer from our agent for two weeks but no reply despite chasing. Has anyone else had any experience with asking for a cash settlement in this instance? People I have spoken to seem to think it’s fairly common.

If it is possible/common I’d also like to know how the value of the settlement is agreed. We have had a visit from a loss adjustor (have no idea who he worked for), and two separate contractors will be submitting quotes for the repair works. Will the insurance company base any potential cash settlement on their quotes? Would it be the lowest, or average, or highest?

I have asked for a copy of the buildings insurance policy but all I got from our agent was a document from the insurance broker saying what policy it was and what the excesses were, which is £500 for water - and I’m not sure how that would be spread out over the different flats/leaseholders, also awaiting a reply to that question from the agent.

Any advice greatly appreciated.

I had a burst boiler in the roof 3 months ago and I am with Axa. They have organised all the drying and refurbishment for my house ( not yet completed ) and although they did say I could appoint my own contractor I went with theirs and except for a couple of small hitches with the contractor it has been great. My excess was £350.00 and they deducted it from the £10.00 a day for my evening meal they gave me when I was in a hotel for the 1st month. They subsequently rented me a lovely house where I still am. I basically have a new house nearly finished.