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home insurance after flooding
I am trying to find an insurance company to insure me after i was flooded in the summer where will i find one?
and was my current insurer in the right to refuse to insure my home again for the coming year?
and was my current insurer in the right to refuse to insure my home again for the coming year?
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The Government was meant to secure the willingness of insurers to offer coverage for floodplains etc. by increasing the country's spending on flood defences i.e. reduce the insurers' risk to future flood claims.
For the past decade, and the forseeable future, New Labour has not reached the required level of spending on said flood defences, so some insurers are understandably less willing to take up the slack of this fiscal shortfall.
Of course, it is always the Great British Public which must suffer the consequences.
For the past decade, and the forseeable future, New Labour has not reached the required level of spending on said flood defences, so some insurers are understandably less willing to take up the slack of this fiscal shortfall.
Of course, it is always the Great British Public which must suffer the consequences.
I'm pretty sure (although almost certainly wrong) that an insurer cannot refuse to insure someone for reasons other than they have commited insurance fraud, or they do not fall within their underwriting criteria (ie young drivers, certain modifications, etc), but this is obviously for car insurance - unsure of the criteria with household insurance.
When I kick out a bent claim, we "load to lose" - ie we hike the price up so far that they go elsewhere - I could understand household insurers whacking the prices up in high risk areas, but surely they can't just refuse on the basis of the floods - that's the whole point of insurance - to guard against the possibility of an incident
When I kick out a bent claim, we "load to lose" - ie we hike the price up so far that they go elsewhere - I could understand household insurers whacking the prices up in high risk areas, but surely they can't just refuse on the basis of the floods - that's the whole point of insurance - to guard against the possibility of an incident
The UK is unique in offering flood cover as a standard feature of household and most business policies.
This text from the press release to herald the renewed ABI Statement of Principles on flood insurance (in effect since 1st Jan 2006) -
"Members of the ABI (Association of British Insurers) have today renewed their commitment to make flood insurance available where the flood risk is adequately managed. They will also cover existing customers where flood defences will be completed within five years. The ABI welcomes the Government�s continued commitment to managing flood risk, which has enabled the industry to make this commitment."
http://www.abi.org.uk/Newsreleases/viewNewsRel ease.asp?nrid=15236
http://www.abi.org.uk/flooding
This text from the press release to herald the renewed ABI Statement of Principles on flood insurance (in effect since 1st Jan 2006) -
"Members of the ABI (Association of British Insurers) have today renewed their commitment to make flood insurance available where the flood risk is adequately managed. They will also cover existing customers where flood defences will be completed within five years. The ABI welcomes the Government�s continued commitment to managing flood risk, which has enabled the industry to make this commitment."
http://www.abi.org.uk/Newsreleases/viewNewsRel ease.asp?nrid=15236
http://www.abi.org.uk/flooding
I know just how you feel !
We are still arguing the toss with that firm with the little red telephone from the flooding we endured last summer ...in fact our claim is in the hands of the Ombudsman as they were about as much use as a chocolate teapot ...Our insurance came up for renewal this month and nobody else will take us on whilst we still have an ongoing claim so we have no choice but to stay with them until it is settled one way or the other.....and ,they have put our premiums up for the privilege !
They certainly didn't refuse to renew our policy .They know they have us over a barrel !
They may offer flood cover but when a push comes to a shove they will do anything to worm their way out of paying up and just make life more stressful ..
People in my area are still waiting for claims to be settled ..I am not alone !
We are still arguing the toss with that firm with the little red telephone from the flooding we endured last summer ...in fact our claim is in the hands of the Ombudsman as they were about as much use as a chocolate teapot ...Our insurance came up for renewal this month and nobody else will take us on whilst we still have an ongoing claim so we have no choice but to stay with them until it is settled one way or the other.....and ,they have put our premiums up for the privilege !
They certainly didn't refuse to renew our policy .They know they have us over a barrel !
They may offer flood cover but when a push comes to a shove they will do anything to worm their way out of paying up and just make life more stressful ..
People in my area are still waiting for claims to be settled ..I am not alone !
No company is honour-bound to insure you; they can either refuse you outright or just hike the price up to such a level that they know you'll never pay it. I'm afraid most of the big insurance companies suffered huge losses this year as a result of the floods in the NE, and aren't in a financial position to take on any 'high risk' customers for fear of the same thing happening next year.
I suggest you put your house on stilts.
I suggest you put your house on stilts.
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