Flood Damage & Excess

Gmaximum

I'm in the processes of renewing insurance on a rental property. Its a second floor apartment 
My existing provider wrote to me to advise that flood cover would now carry a €5K excess. The apartment is in a coastal area of Dublin but distance from coastline to apartment front door is at least 1KM with a lot of beach and other coastal defense in the way. I can't see how any flooding event other than a tidal wave could actually pose a risk 
So my question is if there is a saving to be made by removing flood cover altogether is it worthwhile or could other water damage from burst pipes etc be considered flood damage?

Sue Pa Key Pa

Gmaximum wrote: »

I'm in the processes of renewing insurance on a rental property. Its a second floor apartment 
My existing provider wrote to me to advise that flood cover would now carry a €5K excess. The apartment is in a coastal area of Dublin but distance from coastline to apartment front door is at least 1KM with a lot of beach and other coastal defense in the way. I can't see how any flooding event other than a tidal wave could actually pose a risk 
So my question is if there is a saving to be made by removing flood cover altogether is it worthwhile or could other water damage from burst pipes etc be considered flood damage?

The definition of Flood is the escape of water from a natural or man made water confine. Burst Pipes is the escape of water from a fixed domestic water apparatus.

Some insurers increase the excess for 'Water Damage' which covers both circumstances.

To answer your specific question, domestic policies rarely have separate rates for different parts of the policy, so you are unlikely to get a discount for deleting the cover. Insurers have increased the excess because of the perceived increase in the chance the event will happen, coupled with the number of policyholders on their books that will be affected at the one time, if it happens