Flood insurance.
My insurance is due for renewal in about 10 days and I received this letter from my broker Quote:
.....'Renewal terms have not been provided by your existing insurer Liverpool Victoria as they have re-rated the postcodes and unfortunately it is now a decline for flood'.
Tut. There's a piddling stream/brook across the road and although I've only been here for 4 long, tedious, really-loathe-the-property-years, the other residents say the brook has never flooded.
I've been doing the rounds online trying to read up on building insurance and came across Flood Re, which TBH I can't get my head around understanding. Anyway, Liverpool Victoria are apparently part of that. So, although my understanding is that you have to be in a High Flood area as part of this Flood Re (and I think this is a Low Flood area), I can't understand the reasoning for LVs decision.
Anyone else having similar problems with Building Insurance being hyped up for 'floods' and re-rated postcode?
BTW the broker included an alternative quote with Zurich. The Premium is
£147 more than last year and that's taking into consideration the 9.5% increase of Insurance Preium Tax imposed by the Government from 1 November 15.