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Landlord Insurance for property near/ on a flood risk area

The Flood Re scheme that came into force in 2016 will not provide flood insurance for landlords, if their buy to let property is in an area close to or prone to flooding. Almost certainly many insurance companies are going to decline to cover such property and it is probable that even the entering of a postcode will result in declineature. This is a specialised market, so we recommend landlords call us on 01388 607140 to discuss their needs for landlord insurance in an elevated flood area.

What to do?

First of all establish in which Flood zone is the property situated for planners and see if there are any flood defences in place. There are four areas:

  • Area 1: Very low flood risk (< 1:1000)

  • Area 2: Low flood risk (1:1000 -> 1:100)

  • Area 3(a): High flood risk (>1:100)

  • Area 3(b): Functional Flood Plain

Then see what the exact risk of the property is using the floodmap. Again there are four areas:

  • Very low

  • Low

  • Medium

  • High

Having ascertained the chance of flooding, complete the online application form, which asks for full information. The quote will be referred direct to one underwriter (SAGIC) and we will submit details to other insurers who will consider property insurance for homes with a potentially elevated flood risk. Additional information may be requested. Terms imposed will typically have an increased excess for flood damage and/ or elevated premiums.

Please note that we are not miracle workers. Although we will do our best we cannot guarantee providing quotes, especially for properties that have suffered multiple flooding claims. (There is no obligation to take out our quotation and we do not charge for researching quotations for customers.)

Duty of disclosure

Please read the duty of disclosure that applies to all non-consumer insurance contracts. If in doubt whether a fact is relevant it should be disclosed to us.

Unusual and non standard risks

Since we have a range of landlord insurance policies to compare we can approach underwriters and ask them to look specifically at risks that are outside the normal range of underwriting. This could include properties that have suffered previous subsidence, properties of non standard construction etc.

Different Types of Tenants

The premium may also depend on the type of tenant/ tenancy agreement. We can quote for standard lets, DSS tenants/ referrals, property occupied by asylum seekers, refugees, students, bedsits, HMOs.

More than one property?

We can provide online quotes for multiple properties - providing there are 5 or more. Our landlord portfolio insurance scheme can quote for any number of properties - with an easy cut and paste mechanism, saving the trouble of entering each property individually.

Need more information?

Contact B Portwood & Co Ltd by phone on 01388 607140 or by e-mail : bishop at Office address: 145 Newgate Street, Bishop Auckland, Co Durham. DL14 7EN

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