Seeing flood warnings and people recovering from floods on the news is becoming a regularoccurrence. The latest floods this year hit in Cumbria last month. With climate change having a massive effect on the planet, the amount of homes that are at risk of flooding is expected to rise.
Currently the Environment Agency estimates that 1 in 6 houses are at risk of flooding. With this number estimated to rise in the next couple of years, we could be seeing even more flood reports on the news.
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. Because a common flood claim can cost insurers around £40,000, you should always consider insurance costs when buying a home. Fortunately, you can find a number of resources online that tell you if your home is at risk of flooding.
If you are currently living, or are looking to buy a property in England or Wales, you can visit the Environment Agency’s website where they list flood maps of the UK. If you are a Scottish resident, you can visit the Scottish Environment Protection Agency website for more flood informaton.
If you own or are going to buy a home in an area at risk of flooding, getting insurance won’t be simple. 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 flood claims often costing between £20,000 and £40,000, you should be prepared for polciies with excesses of up to £30,000. This is why when you are looking to buy a property, you should factor in insurance costs to the price of the home. Getting second home insurance can result in even more problems. Due to you leaving the property empty for most of the year, you have to watch for exclusions and high excesses.
