Sunday, 4 July 2010

Flood insurance Problems

Neil of Equity and General Insurance Services has sent us this clients story regarding obtaining insurance in areas that could be effected by flooding.

This is from a rather happy client who’s dream home was in a flood plain and the house had been underpinned as well so it shattering news that they could buy their dream home until they the right broker !!!

You know how it is.... You see the house you want, and you fall in love with it. Everything was in place - the house had no chain, the finance was affordable, my offer was accepted.... It should have been a real formality to complete. As the sale proceeded, my Conveyancer discovered that the property had been subject to a recent subsidence claim; As a result the mortgage offer was subject to my ability to obtain insurance cover.

At that point I should have pulled out. Like most people, I hear 'subsidence' and think 'trouble' - but luckily my wife, being a clever woman, read the details and explained that it shouldn't be a problem. We were so emotionally sold on the house that we kept going. I contacted a subsidence 'specialist' broker, who told me he couldn't offer a policy, as the claim was so recent, but that the current insurer was obliged to offer cover. It would be ok - people were helping and advising us, and they would know what to do.

Or so I thought.

My financial advisor had been very keen to obtain insurance for me, so I put the matter in her hands - after all, she had access to "all of the market" at her finger tips (she did keep telling me this). Weeks went by..... And the matter was unresolved, and getting nowhere. I went in to her office, because it had become clear that I had to manage this myself. This resulted in several days of personal enquiries, phone calls, emails .... And by now I was worried.

No-one would offer me cover. I would give details, to hear "Oh, I'm sorry - we don't cover that postcode area", or "We only insure over 50's" - and even to get this far I had negotiated the automated phone line, and given the same details three times. My enquires with the current insurer were no better - I just couldn't get past the first hurdle.

My wife and I discussed it that night, and we went to bed pretty much resigned to the thought that we would lose the house.

I couldn't sleep, so at 1am I got up, went on line and started searching again. I saw the website, and decided that yet another enquiry wouldn't hurt.

Neil called me in the morning, and immediately I knew that this would be different. Neil knew exactly what I had been facing, and exactly why - better than that, he knew how to get me the cover that I needed. Finally, after being given the run-around by systems and processes, I was in the hands of someone who knew how to get through it all for MY benefit, and wouldn't give up at the first sign of trouble.

I called my wife; This was a very happy call, as once again the dream is on!

When you think about insurance, it is one of those chores that everyone deals with. Now the internet is a wonderful thing, (its how I found Neil!) and it has certainly changed the way we buy insurance and similar products; Trouble is, when you do not fit the perfect profile in every way, the computer leaves you stranded.

Thanks Neil - Get me that quote! NEIL GOT ME THAT QUOTE!!!!!

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1 comment:

business interruption insurance said...

I have already looked for various sites online to find a cheaper policy. But I am missing the basic information that agent will only help in this regard. I am not convinced with the idea to buy a policy online as I think purchasing via an agent is best. He will not only tells about the trends but also guide which will be better. Side by side one can check it online in case of any doubt.