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Non standard insurance for non standard properties

Flood risks When it comes to a flood risks, clients can be left feeling lost and confused by some of the questions being asked by an underwriter. Although these questions seem daft, each one is relevant for the underwriter to make a fair assessment regarding the risk property. Flood claims (including Escape of Water) bring some of the biggest claims as the damage can be extensive so if you live in a flood risk area or your property has previously flooded the underwriter will ask you a number of questions, such as: Has your property ever flooded? – Whether your client is buying a new property or looking to insure an existing one, this is something they should always know. If the property has flooded the underwriter will need to determine if this is an isolated incident to the risk property or the wider area. If this is an isolated incident, what has been done to prevent this in the future? Is your property in an area with a history of flooding? – Some insurers will look at the whole area in which your property is situated. All insurers will rate your postcodes differently as it will depends on their own experience, claims in that area and national databases relating to claims. An insurer will ask the question about the area because if your client lives in a high risk area, they need to know where the property is situated and the likelihood in which the property will be affected by a flood. Subsidence, Ground Heave and Landslip Along with flood claims, the movement of any property can result... read more

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