Households and Businesses in areas deemed to be at high risk often carry higher excesses. For some households, the excess can be as high as £15,000 and for businesses it can be much higher.
Flood Excess Insurance is an insurance policy available to homeowners, landlords or businesses that has been designed to offer policyholders the ability to insure the excess.
You should be able to purchase a Flood Excess Insurance policy provided the property covered has not flooded more than once in the last 5 years and can usually obtain cover for properties that have suffered two floods in the last 5 years, subject to referral. You can insure your excess up to a maximum of £100,000.
If the worst should happen, and your insurer accepts a claim Flood Excess Insurance will cover the excess amount and be paid directly to your insurer.
As an infill policy, if your claim falls below the level of your policy’s flood excess, the cost of the claim can be covered by the Flood Excess Insurance policy.
The policy is arranged with the limit of indemnity on an aggregate basis, so if the policy cover is used for a claim, it will need to be re-purchased.