Is flood risk the reason your business or rental property insurance is so expensive?

As Southwell Business Club members are aware I am a professional insurance broker with over 30 years’ experience in independent broking.  Not every enquiry is straight forward and I relish a more challenging risk, so here is just one specialist area of cover that I deal with for you to think about for yourself, friends or clients as I am sure most people know someone who has suffered from flood damage or problems with insurance due to flood risk.

Is flood risk the reason your business or rental property insurance is so expensive?

Do you have a large premium or significant excess on your business or landlord insurance just because of a flood risk? Perhaps you had a claim and now find it difficult to get cover at all?

C P Walker & Son have a fast, easy and flexible cover that sits alongside the main insurance policy even if that excludes flood damage.

Insurance is a key consideration when looking to finance a property. Banks and trustees often require all perils to be covered before signing any agreements. Having adequate flood insurance in place can be the difference between a deal going ahead or not.   We have the solution.

If you have a high excess on your property insurance, you can even use Flood Insurance to fill the exposure.

As long as there is a commercial gain then we class the property as commercial, so buy to let/rental properties are covered under this policy, anywhere in the UK.

This policy breaks all the rules of standard insurance and is a new type called Parametric insurance, which basically means that a payment will be made upon the occurrence of a triggering of an event, in this example Flood.

Justin Hevness, Insurance Retail & Compliance Manager

You can recover faster as claims are paid in days as there is need to quantify your loss in the traditional way with loss adjusters and replacement of items.  You can spend the money from a claim on whatever you like. That could be reinstating the property or the grounds around it, re-housing costs or other expenses. You are in control of your rental property recovery.  Some clients have invested money from claims in flood resilience measures. That way they are better prepared for the next flood coming their way!

The insurers claim to fame was when Storm Ciara swept across the UK on Sunday 9 February.  They paid claims in full just 27 hours after the floods hit. They paid all of the claims in full by the following Friday. Having the cash in the bank means that recovery begins earlier. That means tenants can move back in faster and lower exposure to loss of rent. It can cover your commercial tenants too.

Tenants are often risk-averse. If you are unable to secure adequate flood insurance, it can drive down the market value of the property or leave the potential for voids. Sharing details of your insurance can give tenants greater confidence in the location they are renting. If they are operating a business from your property, they can even take out a Flood policy for themselves.

If you would like more details about this cover or a quotation then please do not hesitate to contact Justin Hevness on 07458 620 114 or email Justin@cpwalker.co.uk