Home Insurance Discussion

Doc_N

Joggingalong wrote: »

Hi got a query about renewing my home insurance. My property was partially flooded by a burst water mains pipe from a reservoir a few years back - a complete freak event. Insurer paid out over £5000 for damaged items (which was recovered from the water company). I have stuck with the same insurer from then as their premiums haven't been too bad but decided to shop around this year.

Now of course declaring a flood when getting quotes is a massive black mark against my risk profile. The current insurer doesn't treat the flood as a claim because of the circumstances and I have ten years no claims but I clearly can't hide the incident from prospective insurers and have to disclose the claim! The few quotes offered are very high as a result.

Just wondered whether anyone had had similar experiences?

I know exactly what you mean, and had a similar problem - current insurer reinstated no claims discount after recovery from third party, but new insurers had to be notified of claims history.

Somewhat unfairly, I thought, this did mean staying with the existing insurer for around 6 years, and unless individual insurers are prepared to look at the particular circumstances og your claim you may find the same.

I'd suggest talking to a few brokers and explaining the problem - they should have contacts that will enable them to get some better quotations.

However, are you sure you have to declare the problem? You only need to answer specific questions asked by insurers now, and they often only go back 3, 4, 5 or 6 years. Are you encountering questions that require you to disclose the claim?

Joggingalong_2

Thanks for the reply. I've only got as far as comparison sites/online quotes and the two main stumbling blocks are 'has the property ever been flooded' and 'have you made any claims in the past five years'. The proper answers being not what insurers want to hear. I'm a bit peeved at being stuck with the same insurer - the cheapest quote without the above answers is over £150 less than present.

I will try to speak to someone, thanks for the suggestion.

dacouch

If it's from a burst pipe it would generally be regarded as an "Escape of Water" claim which is not such a problem with insurers.

Joggingalong_2

Thanks dacouch. I think that generally covers internal pipes on the property - this was two million litres of reservoir emptied!

dacouch

Joggingalong wrote: »

Thanks dacouch. I think that generally covers internal pipes on the property - this was two million litres of reservoir emptied!

You would be wrong.

Have you checked with the Insurer or CLUE to see what section of your policy your Insurers paid out under?

Joggingalong_2

I don't have that info, what's CLUE?

dacouch

Joggingalong wrote: »

I don't have that info, what's CLUE?

CLaims and Underwriting Exchange which is a database most Insurers register details of their customers claims which other subscribing Insurers can also view.

Your best bet would be to ring your Insurers up and ask them which section of your cover they paid the claim out from

Doc_N

Joggingalong wrote: »

Thanks for the reply. I've only got as far as comparison sites/online quotes and the two main stumbling blocks are 'has the property ever been flooded' and 'have you made any claims in the past five years'. The proper answers being not what insurers want to hear. I'm a bit peeved at being stuck with the same insurer - the cheapest quote without the above answers is over £150 less than present.

I will try to speak to someone, thanks for the suggestion.

The problem with comparison sites is that their questions tend to be very widely drawn indeed to cover every policy that they search.

Individual companies may have far less restrictive wording, and you'll probably find some without the catch-all 'has the property ever flooded'.

If that question is asked, however, you'll obviously have to give an honest answer to it - regardless of which part of your policy the claim was paid out under.

If you can't find an online policy without this question, a good broker will without any doubt find you one. They know where to look, and they have contacts within the industry who will deal with the issue person to person, looking at all the facts, rather than by the online 'computer says no' approach.

Joggingalong_2

Guys, thanks for your input. I have spoken to a broker and have arranged cover (everything disclosed) for over £60 less than my current insurer.

Kite2010

Home insurance renewal time, AA wanted ~ £164 to insure for another year. 2 minutes later via Go Compare (going via Topcashback for the extra £2) highlighted a couple companies high on the list.

Going via Topcashback deals with the entries high up, and the cheapest after cashback is LV @ £84, with better cover, and ~ £20 cashback.

£80+ saving for 10 minutes work, even saved money by calling the AA on their 0800 number (rather than the 0844 number quoted in the renewal pack) to cancel the renewal, best they could offer was £120.