CRL Warranty Replacements
As we look back at the problems that many CRL Warranty policyholders faced following the collapse of the scheme, I thought it worth looking at the way insurers in the sector reacted to it.
The CRL Warranty was very competitive indeed. I know here, that we lost business to that scheme as it was very cheap. The prices quoted were so low for the insurance and technical inspections that many insurers just couldn’t compete. We had made the decision not to place business with CRL, which cost us business at the time – but was nevertheless the right decision.
Sadly the CRL Warranty scheme collapsed and cover ceased. The unfortunate thing here is that many homeowners found themselves without a warranty, through no fault of their own. Thankfully other insurers stepped in quickly and were able to offer quotations to arrange alternatives, however this is now slowing down and we are seeing a growing reluctance from insurers to take ex CRL business, usually because of the lack of information available and caution regarding the extent of the technical inspections. They also no longer accept a single flat in a larger apartment block – they wish to insure the whole block or none at all.
So our advice to you is this, if you are looking to replace a CRL policy..…….
Make sure you know as much about your property as possible. Who built it? When did they build it? Who did the building control? What foundations and materials is it built with? What is the rebuild cost? Learn as much as you can. Not always easy questions to answer when you are the homeowner, but we recommend people do some investigation and try to find out. If they do, they have a far better chance of securing a warranty in a market that is cautious on ex CRL cases.
If you have a flat in a block, check with the management company – the odds are everyone in the block is in the same boat.
We can help guide you through this, so if you have that information then get in touch with us. We look forward to talking to you.