Insurance Advice from KFAG

The following ideas which may help you get a better quote:
  • If you have made alterations to your property to make it more flood proof (flood gates, lockable air bricks or whatever) make sure your insurer is aware of the steps you have taken. Provide photographs, guarantees, proof of work carried out.
  • If the main insurance companies refuse you and you belong to a trade union they might have facilities to insure members.
  • Look at having contents and buildings cover together – or separately - to get the best deal.
  • It is always best to keep the cost of a claim down, the insurance industry will be aware of what is reasonable.
  • If you have an insurance policy on another property or business try asking them for a quote.
  • Try to negotiate between the premium and the excess, for example if the amount you have been quoted to pay per annum has gone up by £2,000 and your excess £5,000 ask them to reduce the premium down by half and to increase the excess to £10,000. That way you pay less per annum and the insurance company still have the security of knowing if you make a flood claim in the next 5 years they are still ahead!
  • Ask your mortgage provider for buildings cover.
  • Find out if neighbours have had more success with their insurance company.
  • Try a broker.
  • If you have real problems getting cover contact the National Flood Forum on 01299 403055 or contact the British Insurance Brokers Association on 08770 950 1790. If all else fails perhaps try the Financial Services Ombudsman.
    Those people who have flooded properties may have increased problems (and costs) in getting insurance in future years and long term this may also have an effect on your ability to sell your property. KFAG would always be pleased to hear of any other ways to succeed in getting insurance at reasonable cost – please contact Lynne Jones, she can be found on our contacts page here.
Renewing your property’s insurance after a flood can be a time consuming and an expensive challenge. The insurance industry is looking at postcodes for flood areas and in some cases refusing cover for people who live within 400metres of a watercourse. Thus it may be that many people in the Keswick area will find themselves in the situation of having to negotiate premiums and excesses in the future.

Despite the UK Government’s agreement with the Association of British Insurers for an extension of the existing Statement of Principles on the provision of Flood Insurance until June 2013, over the past months (since the 2009 flood) many Keswick residents are having difficulty renewing their insurance cover. A post code can immediately discount home owners from any form of insurance so the Consumer Group Which? recommends those on flood plains “only approach insurers that consider a home's specific risk rather than basing quotes on the area.” It says Aviva and Stroud & Swindon Building Society pinpoint an individual property's flood risk. Some other insurers, including Northern Rock and LV=, assess flood-risk at postcode level, with reference to claims history and the Environment Agency map. We have also had encouraging reports from the NFF of people getting insurance through Sainsburys.