Flood “Excess” Insurance
Due to recent high profile flood events, insurers have increased the policy excess requirements for those post codes ‘at risk’ of flooding. Some policyholders are finding that their ‘flood’ policy excess is extortionate, even though they’ve never been flooded before. If they have been flooded, the excess for future flooding could be financially crippling.
Some insurers are not willing to take on ‘new’ high flood risk properties, so there is less and less choice available in the market for people wanting to insure against flooding.
Flood Re Government Scheme
Flood Re is a not-for-profit scheme designed to make flood insurance widely affordable and is due Summer 2016. It’s good for residential, but key exclusions are:
- Residential built after 2009
- Landlords (residential for commercial gain)
- Commercial properties
- Farm outbuildings
Go to www.floodre.co.uk for further details.
Flood Excess Insurance
We can now offer Flood Excess Insurance to pay the excess, if a property does flood:
- This is a true excess infill product (claims below the level of the flood excess are covered, unlike standard excess protection).
- Cover available for Commercial, Residential and Landlords properties.
- Quotes are location-specific.
- Underwritten by Catlin Insurance company (UK) Ltd (A+ by S&P).
- Excesses up to £50,000 can be insured as standard
- Flood excess has its own quote and buy system with online policy fulfilment (www.floodexcess.com)
- All locations can be quoted, provided that no more more than two flood claims have been made in the last 5 years.
For commercial properties, there must be no form of co-insurance in place where the insured is liable for any portion of flood damage costs above their commercial policy flood excess.