Landlord flood insurance: five reasons to choose FloodFlash

Don’t buy rental property insurance without flood cover ever again

Is flood risk the reason your rental property insurance is so expensive? Do you have a large premium or significant excess on your landlord building insurance just because of a flood risk? Perhaps you had a claim and now find it difficult to get cover at all.

FloodFlash provides new landlord flood insurance. It is custom-built to help landlords get fast, easy and flexible cover for their rental building, and can sit alongside the main property policy even if that excludes flood damage. Landlords across the UK already use FloodFlash for rental properties with a risk of flooding. Here are five reasons why…

#1 FloodFlash provides a landlord flood insurance quote no matter your risk

Insurance is a key consideration when looking to finance a property. Banks and trustees often require all perils to be covered before signing any agreements. Having adequate flood insurance in place can be the difference between a deal going ahead or not. FloodFlash combines the latest flood modelling with internet-connected sensor technology. As a result, their quotes are accurate to an individual property – not a postcode. These risk-based quotes are available for rental properties that have flooded before or those that had cover removed by a previous insurer. If you have an excess on your landlord building insurance, you can even use FloodFlash to fill the exposure.

#2 It can cover any landlord rental property

FloodFlash works for any landlord business, from single-property landlords or pop-up shops to housing corporations and multinational companies. As long as the address you are looking to insure is not your residential address then FloodFlash can provide insurance.

Here are some examples of where FloodFlash can help:

  • commercial rental property
  • residential rental property
  • home property used as a registered business address
  • multiple properties within a single site

Only homeowners don’t currently have access to FloodFlash. Everyone else is free to request a quote.

#3 You can recover faster because claims get paid within days

Loss of rent consistently ranks in the biggest concerns for landlords. When floods happen some loss of rent can be impossible to avoid. That could be through losing a tenant or the need for alternative premises whilst the property is out of action. To make matters even more difficult traditional insurance can take months to settle claims.

Reduce the risk of voids by speeding up your recovery after a flood.

FloodFlash claims are different. When Storm Ciara swept across the UK on Sunday 9 February, FloodFlash paid claims in full just 27 hours after the floods hit. They paid all of the claims in full by Friday. Having the cash in the bank means that recovery begins earlier. That means tenants can move back in faster and lower exposure to loss of rent.

#4 You can spend money from claims without restrictions

Another benefit of choosing FloodFlash for your landlord flood insurance is that you can spend the money from a claim on whatever you like. That could be reinstating the property or the grounds around it, re-housing costs or other expenses. You are in control of your rental property recovery.

Some FloodFlash clients have invested money from claims in flood resilience measures. That way they are better prepared for the next flood coming their way.

#5 It can cover your commercial tenants too

Tenants are often risk averse. If you are unable to secure adequate flood insurance, it can drive down the market value of the property or leave the potential for voids. Sharing details of your insurance can give tenants greater confidence in the location they are renting. If they are operating a business from your property, they can even take out a FloodFlash policy for themselves.

Just like FloodFlash can cover residential and commercial rental properties, it can also cover businesses of all types. If your tenant is unsure about the flood risk at your property when deciding to take out the lease, you can use FloodFlash to assure them that help is available.

BONUS #6 Open up investment opportunities

Traditional insurers are often reluctant to provide flood insurance for riskier areas in the UK. In fact, brokers believe that due to the uncertainty of COVID-19 the number of insurance companies that exclude flood cover will only increase.

Access to FloodFlash opens up opportunities. Properties with flood history become viable investments, particularly when others can’t see beneath the risk.

When properties have gone without insurance for a long period of time the price inevitably drops. Armed with the knowledge that you can secure flood insurance once more it’s possible to invest in those underserved areas at a fraction of the cost.

There you have it. There are plenty more reasons to choose FloodFlash like claims that don’t use a single form or flexible quote design that lets you select your payout. For more information or to request a quote, visit the homepage or get in touch.