Home insurance (can't get it)

Pagala

Hi everyone

Got a bit of an issue trying to get insurance for a house.

It's a BTL that I bought a few years ago. When I bought it, I needed a landlord insurance policy. I was only concerned about damage really, and not non-payment of rent. Because I just don't have the cash to fix major damage.

I had a lot of trouble finding insurance. To cut a long story short, the house is built in an area that's been declared a flood risk, according to the systems insurance companies use. So it was an automated decline, every single time. I ended up having to go through the Association of British Insurers, until I found an insurer willing to insure the property. It was one of those sleazebag type small companies set up by old money: toffs, the races, skiing types, etc. These esquires crafted a policy for me that covered lots of things except flood damage. I wasn't very happy with that, but I had no choice, and the quote was quite good, so I went with it. As each year passed, no claims, no issues, no changes, yet they started to exclude things and changing the policy upon renewal, and increasing my excess for various things. And, most importantly, significantly raising their premiums.

So, this time, as it had gone up by a huge percentage (several times inflation) I went back to them and said, a lot of the things in this policy are superfluous and I never asked for them, and flood is a risk you aren't covering, so please look at it again and lower the premiums and fix the unnecessary things in the policy I don't need. Literally, I said, I don't need washing machine cover, because I can buy a new washing machine myself (besides, you would sting me for it a hundred times over if I ever claimed), but if the house is damaged by flood, I would need some help with that. They said they would go back to the underwriter and get back to me. Naturally, they haven't got back to me because it's awkward to say the underwriter declined. However, I'm now back at square one, and the policy will elapse in Jan.

Is there any particular scheme or insurer whereby I could get cover for this very ordinary house? Any recommendations or ideas? Thanks

knightstyle

Try  https://www.floodre.co.uk/
and  https://nationalfloodforum.org.uk/about-flooding/insurance/household-insurance/

TELLIT01

As the property isn't a personal residence, it's a buy-to-let, I'm not sure the floodre system will apply.  As I understand they must provide insurance for owner occupied properties, but a BTL is likely to be classed as commercial.

Pagala

Floodre looks good. I don't fancy talking to any more insurers on the phone and playing 20^20 questions with Mr bestest-buddy-today-but-fiercest-foe-should-I-ever-need-to-claim guy. lol

I take the point about business vs home, but I think the line is more blurred than that as it's in fact someone's home, just (currently) not mine. I'd rather argue it in court against an insurer (and stash all my worth somewhere) than just go completely unprotected in the meantime. Because a destroyed house isn't an asset, I can't run that risk on my own head any longer.

Pagala

Actually, strike that. Looks like I might have better luck with commercial insurance providers

theoretica

Have you looked the property up on the ESA/SEPA flood websites?  Is it correctly marked as a flood risk? 

Pagala

theoretica said:

Have you looked the property up on the ESA/SEPA flood websites?  Is it correctly marked as a flood risk? 

No, I haven't tried that, but I will. Thanks for the heads-up.

Apodemus

Also, have you tried NFU Mutual?  They can sometimes be good at finding cover for unusual circumstances and rental properties are well within their normal business. 

theoretica

theoretica said:

Have you looked the property up on the ESA/SEPA flood websites?  Is it correctly marked as a flood risk? 

I meant EPA https://check-long-term-flood-risk.service.gov.uk/map

Money_Grabber13579

ILoveSittingDown said:

Pagala said:

Heh.. Just got a quote from Nova Insurance. The smarmy cnuts want to sell me a policy that covers flood damage, except with an excess of £2500... If the area flooded, it would affect the ground floor carpet, and possibly the appliances. All the appliances and carpet together wouldn't cost £2500 to fix. It's a tiny little house.

The industrial dehumidifiers to dry the house out again will cost more than that though 

Plus potentially the cost of rewiring, plastering, replacing kitchen units etc depending on how high the flood water gets… I think there might be an underestimation of just how expensive flood damage might be.