axa 50% under insured by broker nightmare

jemouk1

hi ive been insured for the last ten years on a block policy for 8 properties through my insurance broker ,Last year due to the very hot year we had one of the properties subsided we had to put a claim in as the house was severly damaged ,axa have now informed us that there applying the average clause ,the broker has just washed his hands of it even though he has reduced the rebuilding figure over the ten years (in my opinion to be more competitive )we trusted the broker and now are left with a big problem
damage to the property is estimated £60,000 to £80,000
axa offered £12,000
the house is unsafe and unrentable i still have to pay council tax ,i get no rent ,and axa are going to sue the land owner of the trees next to my house with is owned by a local council
and im told i still wont get my full money back
so my question is is there anyone out there in sort of the same situation
please dont take you rebuild cost for granted insurance company send you any figures
thank you

CIS

the house is unsafe and unrentable i still have to pay council tax

How unsafe is it ?

Keep_pedalling

Are you saying that your broker changed the original rebuild costs you provided to them? If so why did you not notice when you got the policy documents?

jemouk1

hi the quote was all done by e mail and after so long dealing with a company you develope trust and i never notice untill it was to later thank you

eddddy

jemouk1 wrote: »

hi the quote was all done by e mail and after so long dealing with a company you develope trust and i never notice untill it was to later thank you

You need to be clearer.

Did the broker reduce the 'Rebuild Cost' on your policies when they renewed, without discussing it with you?

If they did, I doubt that they could hide behind the argument that "you should have read the policy documents to find out that we had reduced the rebuild cost".

And you should complain to the Financial Ombudsman.


But obviously, if they discussed it with you, and you agreed to a reduced 'Rebuild Cost', you probably don't have a case.

garth549

It really depends ...

Was this the same policy over 10 years or did they switch insurers/underwriters each year?

Did they send you renewal documents asking you to check and accept the details each year? If so then you've almost certainly got no case unfortunately.

If they handled everything and just sent you a renewal price every year without any input from you, and you were unaware of these changes then you likely have a strong case against them.

Nothing to stop you making a formal complaint and escalating to the ombudsman either way though. They may at least make a partial compensation award against the broker depending on the circumstances.

jemouk1

yes the rebuild cost was reduce to 75000 with out letting me know

jemouk1

hi thank you i have made a complaint and now the broker refuses to talk to me i have filed it with the ombudsman but theres around a 12 month wait thank you

dacouch

I would recommend you request a copy of the data the broker holds on you.

You are entitled under law to receive this and it may help your case