Anonymised case study
In 2023, a homeowner living on the banks of River Thames faced significant challenges when renewing the insurance for his newly built home. His property, situated on a floodplain, required flood insurance as part of the terms set by his mortgage lender.
Initially, the homeowner was able to obtain the insurance. However, after the first year, his premium increased from around £600 to nearly £1,000. By the time his policy was up for renewal again, the premium had jumped to over £2,000.
Determined to find a more affordable solution, the homeowner turned to River Watch, a group for people living near rivers. This led him to BIBA’s Flood Insurance Directory, where he found two brokers that could offer him the necessary cover. He decided to go with Brunel Insurance, which offered him a policy at a premium 50% less than his existing insurer.
The homeowner was satisfied with the service he received, noting how the broker was able to meet his needs and secure affordable insurance for his home, which is built on stilts to comply with planning regulations. His home is now properly insured, protecting both his property and his mortgage. He can now look forward to further discussions regarding his future insurance renewals, confident that his broker will continue to negotiate the best terms for him.
