hello@prizmsolutions.co.uk
01827 313 931
What is Flood Insurance?
Flood insurance is a specialist insurance policy specifically designed to cover your property against the risk of flooding, be it coastal, river or surface water flooding.
What does a Flood insurance policy actually cover?
Unlike most types of insurance, flood insurance can be purchased on a parametric basis, which means you pick a sum insured and then if the policy gets triggered, you get paid the amount you’ve insured, in full, straight away.
Commercial flood insurance is designed to provide protection specifically against damages caused by flooding. This coverage typically includes:
Structural Damage: Commercial flood insurance covers repair and replacement costs for structural elements of your business property, including the building itself, foundation, walls, floors, and ceilings.
Contents and Inventory: Alongside structural damages, this insurance also extends to the contents within your property, such as equipment, machinery, furniture and inventory. This ensures that your essential business assets are not lost in the aftermath of a flood.
Utilities and Fixtures: Floods can disrupt crucial utilities like electrical systems, plumbing and heating/cooling units. Commercial flood insurance helps cover repair and replacement costs for these essential fixtures, allowing your business to resume operations faster.
Business Interruption: In the event that a flood forces your business to temporarily halt operations, commercial flood insurance can provide coverage for the resulting loss of income. This coverage assists in maintaining financial stability during recovery.
How much does Flood insurance cost?
It varies massively according to where the property is situated, what your previous claims experience is and what excess you’d be happy to accept (although specialist flood excess insurance also exists for that very reason).
Have a question?
Our team is
here to help!
One of our team will talk to you about your current circumstances in order to advise the best way forward. If you’d prefer to visit us at our offices in Tamworth, feel free to pop in! Just check our office hours on Google to make sure we’re open.
Most certainly not. We have seen numerous examples of one insurer ‘blacklisting’ a property because they perceive it to be a flood plain and another insurer granting cover at normal premium rates. Each insurance company uses its own data and accesses different flood mapping systems.
For properties built before 2009 there is an organisation called Flood Re (see Flood Re - A flood re-insurance scheme) which we can access as it is there to assist. If your property was built after 2009, that is a different story however, as it was deemed important not to incentivise home-building in flood risk areas.
At Prizm, we primarily deal with Floodflash and MI Commercial although in certain cases Aviva, AXA, Royal Sun Alliance, NIG, Zurich, Arch, QBE, Victor, Travelers, Chubb, Covea, Ecclesiastical, Ansvar and Lloyds underwriters can assist, although the companies offering this insurance may change as the market changes.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
Take a look at our real clients with honest reviews
View all reviews
Independent and friendly insurance brokers in Tamworth
Let us help you find the right cover for you.
Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
TERMS & CONDITIONS | PRIVACY POLICY | © PRIZM SOLUTIONS LTD 2024. ALL RIGHTS RESERVED | DESIGN BY SWD
Connect with us
Fill in our enquiry form or pick up the phone and speak to one of our friendly, helpful team.
We’re here to assist you to put plans in place, to help provide you with some protection from those unexpected curveballs that can be a normal aspect of everyday life!
So, let us help you find the right cover for you.
01827 313 931
REQUEST A CALLBACK
hello@prizmsolutions.co.uk
