Building insurance: Ive just noticed my Statement of Fact is incorrect!

vertex

Im very concerned. Ive just been reviewing my building insurance document and realised I didnt answered one of the questions correctly.

It asked if the property had ever flooded. My answer - apparently - was No, however, the property did experience a flood 4 years ago. I didnt make a claim as it was so minor. And I simply moved on and forgot about it.

I need to notify them and correct this, but Im really concerned theyll void my insurance! I dont care if they increase premium or exclude flooding, but I cant have my insurance being voided.

Ive reviewed all my other answers and they are correct, its just that one question!! This was an honest mistake!

What can I do?

dnpark38

The only correct way is to inform them.

vertex

What the probability that theyll void my insurance? It was an honest mistake!

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82181113#Comment_82181113

Voiding is unlikely, it requires them to show the false declaration was intentional or reckless and the fact you are the one admitting it generally helps rather than you being caught out.

If they accept its careless but they wont insure a property with a prior flood then you may find the policy cancelled rather than voided. Some insurers will simply not touch prior flood properties others will want more detail of how the flood occurred etc

GrubbyGirl_2

I'm not sure anyone except your insurance company can answer that. Better to have to look for new insurance than have a flood and find you're not covered at all for anything. Just be aware that not declaring something may void your whole insurance should you make a claim, even if it's not related to the issue you failed to tell them about.

vertex

Yes. Im concerned that I wont be covered for liabilit insurance or anything! Also mpacting whether I can get car insurance etc.

If I have a look for a new insurance company, will me incorrectly saying 'No' to Flooding with my current insurer have an impact?

UnsureAboutthis

Hi OP

Don't worry, I've done something similar myself. Since I sort out all our finances and insurance stuff, I accidentally put my birth year down for my partner (who is older than me). Because my own year is so hardwired in my brain and we share initials and birth months, I just autopilot-typed it.

I only caught it months later when I actually sat down and read through the paperwork properly. I rang them straight away to fess up, and they just said, 'No worries, we've fixed that for you, you just owe an extra £XXXX.' Paid it straight away, job done.

Honest mistakes happen to everyone, and insurance companies deal with people trying to do the right thing every single day.

Just give them a bell—based on what you've said, it'll be fine.

Good luck, buddy!.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82181741#Comment_82181741

I did the exact same thing when doing the wife's ESTA, was more than a little surprised that it got approved but so did the second application made shortly after with her correct date of birth (obv same passport number etc on both).

The OP may be in a little more of a tricky situation as most insurers will insure any adult of any age the same is not true with flood history.

vertex

Yes, I really want to do the right thing. Im happy if they masisvely increase the premium, or exclude flooding. It was a massive oversight on my part so I deserve this. I just autorenewed each year without correcting/thinking about. But I cant have my insurance voided, which will then make it impossibe to insure my rental property, car etc. I will be uninsureable (or as close as uninsureable).

Are there any insurance brokers here that can offer an insight on what the possible scenario be? Chances of cancellation/voidance etc?

dnpark38

@vertex

Just phone them and stop worrying. :-)

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82182793#Comment_82182793

I work for the insurers not brokers but already shared my opinion… it will almost certainly be considered careless so voiding is off the table. It may be cancelled if they will not cover properties with a history of flood.

Who have you bought from? is it a direct insurer or an intermediary/broker? If its direct you can just get a quote and declare the flood, they may quote, they may decline or they may tell you to phone. If its a broker you cant really do the same because they may have others on their panel that will take flood risk