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Drawdown- bank refusing over no flood insurance

  • 04-04-2019 10:34pm
    #1
    bri007
    Registered Users Posts: 1,375 ✭✭✭


    We are ready to drawdown in two weeks and we have everything in place.... well so we thought!

    Have mortgage protection sorted, contracts signed everting done and we left the house insurance till last thinking it would be the most straightforward.

    Well it’s not, turns out we are unable to get flood cover on our policy and the bank won’t issue us the Cheque without that on the policy for drawdown.

    Anyone any similar experience and could advise on this, as we are totally stuck.

    There has been no reported floods in the estate we are buying but because it’s near an area that may/can flood in past they won’t cover it


Comments

  • #2
    mickdw
    Registered Users Posts: 23,252 ✭✭✭✭mickdw


    If there is any danger of floods, and the insurers clearly think it's a possibility, I'd run away from it.


  • #3
    cannotlogin
    Closed Accounts Posts: 1,172 ✭✭✭cannotlogin


    Why would you want to buy a house that has a high risk of flooding?

    If the bank and all insurers think it's too big a risk for them to take, then surely it's too big a risk for you to take also?


  • #4
    bri007
    Registered Users Posts: 1,375 ✭✭✭bri007


    There was a reported flood in 2002 but it was nowhere near where our house is situated.

    Looking at the flood maps we are in the lower risk of flood but because it was reported within that location it’s a risk to the insurance companies.

    I know someone who lived beside the house we are buying there whole life and had no floods. That’s over 40 years


  • #5
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    You need a broker for anything non-standard in regards to insurance.


  • #6
    Wildly Boaring
    Registered Users Posts: 3,629 ✭✭✭Wildly Boaring


    You're gonna have insurance problems forever.

    Water and floods are only going one way with global warming.


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  • #7
    All in all
    Registered Users Posts: 428 ✭✭All in all


    We had a similar issue, within 100m of river and the insurance company initially refused, I argued it out with them and they agreed to cover (Zurich).

    While this was going on I had talked to a broker who could have arranged cover, at a bit of a premium but wasn't needed.


  • #8
    machalla
    Registered Users Posts: 1,523 ✭✭✭machalla


    OP I've sent you a PM with some suggested brokers or companies that might be able to help you with the insurance problem.


  • #9
    Lumen
    Registered Users Posts: 31,008 ✭✭✭✭Lumen


    Wildly Boaring wrote: »
    You're gonna have insurance problems forever.

    Water and floods are only going one way with global warming.

    That's vague nonsense. It might apply if your floods are related to seawater, but lots of people have insurance issues due to proximity to rivers and streams well above sea level.

    I initially had issues with my insurance as I have what I romantically described as a "stream" within my curtilege. But it was pointed out to me that since it used to be a concrete drain pipe before the previous owner dug it up, I could have simply have considered it an open drain and then there wouldn't have been an issue.


  • #10
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    Lumen wrote: »
    That's vague nonsense. It might apply if your floods are related to seawater, but lots of people have insurance issues due to proximity to rivers and streams well above sea level.

    I initially had issues with my insurance as I have what I romantically described as a "stream" within my curtilege. But it was pointed out to me that since it used to be a concrete drain pipe before the previous owner dug it up, I could have simply have considered it an open drain and then there wouldn't have been an issue.

    That and insurance companys tend to just blanket ban areas or streets. There is one near me that had issues a few years ago during the last round of serious flooding, all the houses on the street have problems. Funny thing is that one end of the street is a good 25 meters higher in elevation. If it flooded, we would be in Noah's arc territory.


  • #11
    jayjay2010
    Registered Users Posts: 505 ✭✭✭jayjay2010


    bri007 wrote: »
    We are ready to drawdown in two weeks and we have everything in place.... well so we thought!

    Have mortgage protection sorted, contracts signed everting done and we left the house insurance till last thinking it would be the most straightforward.

    Well it’s not, turns out we are unable to get flood cover on our policy and the bank won’t issue us the Cheque without that on the policy for drawdown.

    Anyone any similar experience and could advise on this, as we are totally stuck.

    There has been no reported floods in the estate we are buying but because it’s near an area that may/can flood in past they won’t cover it

    OP, sorry to hear about this. I would recommend calling every possible insurance company, including brokers, and try to get cover of some sort. The risk here is that you could lose your deposit as you have already signed contracts. You need this sorted asap!!


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  • #12
    Wildly Boaring
    Registered Users Posts: 3,629 ✭✭✭Wildly Boaring


    Lumen wrote: »
    That's vague nonsense. It might apply if your floods are related to seawater, but lots of people have insurance issues due to proximity to rivers and streams well above sea level.

    I initially had issues with my insurance as I have what I romantically described as a "stream" within my curtilege. But it was pointed out to me that since it used to be a concrete drain pipe before the previous owner dug it up, I could have simply have considered it an open drain and then there wouldn't have been an issue.

    Ok apologies. Yes it was vague. Posted in haste. Agree that op could be completely unaffected by flooding and this is just overkill

    However. This is a huge purchase and very important decision. Get it wrong. Get flooded once and have a worthless uninsurable home.

    Global warming is leading to rising sea levels. So if op is affected by tidal area or indeed catchment of rivers in tidal, I'd run.

    Global MAY be leading to more severe weather events. I believe it is. Plenty of evidence that it is. Again and area that almost flooded previously is a high risk going forward.

    We humans are constantly building and losing green areas whilst increasing hard surfaces. In built up areas this increases flood risk for those around and in same catchment.


  • #13
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    bri007 wrote: »
    We are ready to drawdown in two weeks and we have everything in place.... well so we thought!

    Have mortgage protection sorted, contracts signed everting done and we left the house insurance till last thinking it would be the most straightforward.

    Well it’s not, turns out we are unable to get flood cover on our policy and the bank won’t issue us the Cheque without that on the policy for drawdown.

    Anyone any similar experience and could advise on this, as we are totally stuck.

    There has been no reported floods in the estate we are buying but because it’s near an area that may/can flood in past they won’t cover it


    Do see why you would buy in such a place.


  • #14
    QM79
    Registered Users Posts: 164 ✭✭QM79


    OP, did you get sorted? Also Machalla could you please PM the suggested brokers and companies too please? Many thanks.


  • #15
    machalla
    Registered Users Posts: 1,523 ✭✭✭machalla


    I've popped a PM to you QM79.

    I would post the various suggestions on the thread, I'm not sure if this would be allowed as it may be seen as shilling. If a mod wants to comment on that.

    Hope it works out for you in any case.


  • #16
    oneillsean
    Registered Users Posts: 1 ✭oneillsean


    hi all, i am currently selling a house that i cant get flood insurance on. I think the prospective buyer will have the same issues as mentioned above. Would anyone have the name of a broker that can provide this insurance in flood prone areas.



  • #17
    mickeyodee
    Registered Users Posts: 57 ✭✭mickeyodee


    https://www.boards.ie/discussion/comment/118079714#Comment_118079714

    Hi,just wondering how did you get on,I'm basically in exact same situation?



  • #18
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,520 Mod ✭✭✭✭L1011


    One thread was enough to bounce!



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