A Seemingly Impossible Situation…
The insured property is a five bedroom barn conversion set within 24 acres of ground, including garden, woodland and fields.
The property was not located in a flood area however, in the summer of 2007, a freak deluge of rainwater fell in a short period causing a bank to collapse and storm drains to block. This incident resulted in 3ft of water flowing down the lane and driveway and entering the ground floor of the property and flooding it.
A claim for approx. £50,000 was paid out.
This claim rendered the property a massive risk and no longer attractive to other insurers. This resulted in the insured being stuck with their insurer and at their mercy with regards to increasing premiums.
The insured has since done considerable landscaping works along with additional storm drains and gullies to prevent any further flooding, which are regularly inspected and kept clear of debris.
Insurance Tailors took on the insured and was able to place the risk with HNW insurer, Hiscox. Hiscox acknowledged the measures the insured had taken to mitigate the flood risk and were happy to provide full terms for the property.
You can find out if your property is in a Flood Risk Area on Environmental Agency website here.