Our Client lives in a substantial home on a road that is notoriously close to the seashore on the County Antrim coast.
When they received the renewal notice for their household insurance from their existing insurers they realised that flood damage was not included in the policy, even though they had lived at that address for over 25 years and had never made a claim for a flood on the policy.
Most insurers now use freely available flood mapping data, which can highlight the postcodes or indeed post sectors that are most susceptible to flooding, and in some cases they will refuse to provide flood damage cover at any price.
This of course might be acceptable if you do not have a mortgage and are prepared to take on that risk yourself, however with the balance of a potentially huge repair bill after a flood compared to what could be a potentially minuscule additional premium on your policy – it’s fairly obvious where we would rather be positioned.
To solve this problem we spoke to Chubb Insurance, a UK insurance provider that specialises in providing cover for those clients with larger homes, high worth contents and valuables. What’s maybe different about Chubb is that they survey each and every home that they insure, which ensures you are paying the correct premium, for the correct cover.
Chubb were able to establish very quickly that our client’s home was not at a high risk of flooding as some other insurers had thought as it was set well back from the shore and beyond significant sea defences, in doing so Chubb were happy to provide the cover without an excessive unrealistic premium.
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