Seeing flood warnings and people recovering from floods on the news is becoming a regularoccurrence. The latest homes to get hit by floods were in Cumbria. With climate change having quite a large effect at the moment, the amount of homes at risk from flooding is expected to rise.

Currently the Environment Agency estimates that 1 in 6 houses are at risk of flooding. With this number set to rise within the next 24 months, we will most likely be even more flood reports next year.

One big problem that many home owners are facing that are living in areas at risk of flooding is buying home insurance, particularly if it’s insurance for holiday homes. Due to insurers knowing a common flood claim will cost up to £40,000, you should factor in insurance price into the cost of buying a home. Fortunately, there are resources online where you can find out whether your home is at risk.

If you have a home or are looking to buy a home in England or Wales, you can visit the Environment Agency’s website for detailed flood maps. If you are a Scottish resident, you can visit the Scottish Environment Protection Agency website for more flood informaton.

If you do own a home or are planning to buy a home in a flood risk area, getting your insurance won’t be easy. You’ll often find that as soon as your house has been flooded, your insurer will push up the premiums. You may even find that you are refused a policy renew due to your house being in an area at risk of flooding.

With each flood claim costing insurers around £20,000 to £40,000, you should be prepared to see excesses of aup to £30,000. This is the reason why you should add any expensive insurance costs onto house prices when you are looking to buy a home. Getting second home insurance can result in even more problems. Because you will tend to not live in the house for most of the year, you have to watch out for exclusions and possible high excesses.

Isupposeyou wouldn’t have that problem if you were after home insurance in Spain.


Related Blogs





Tagged with: • • • • • •

Filed under: Real Estate

Like this post? Subscribe to my RSS feed and get loads more!