Insurance Articles |
| Posted: 30 Sep 2013 12:15 PM PDT Increasing numbers of properties in the UK are at risk from flooding from rivers and the sea which can leave devastation and heartbreak behind after a flood strikes. Experts believe there are 5.5 million homes in England and Wales running the risk of flooding – that's one in six properties. In addition, pay-outs for flooding incidents are also hefty. Insurance firms paid out more than £3 billion for flood damage in 2007, according to trade body the Association of British Insurers. Can I find cheap flood risk insurance?Insurance premiums for flood risk insurance have rocketed in recent years and are set to get worse since more homes are being built on flood plains and more areas are at risk because of climate changes. Your first step should be to check with the Environment Agency website to find out whether your home is at risk of flooding or has been flooded before. The website is at: www.environment-agency.gov.uk. My home has flooded previously – can I get insurance?It won't come as a surprise to learn that finding an insurer to take on your risk is going to be very difficult and expensive. Most insurers will refuse to cover you or charge high premiums but there are specialist flood insurance companies who may be willing to take you on. My home is at risk of flooding – can I get insurance?Though your property has never been flooded you may find that the Environment Agency has classed it as being at risk of doing so. With insurers using the agency's data, they will calculate risk based on your post code. This may mean that an insurance firm you have used for years – and never made a claim with – will suddenly refuse you cover. Be aware though that the agency's flood risk map is changed frequently which means that many people who believed they were safe from flooding may suddenly find themselves in the 'at risk' category. Changes on the wayThe government and insurance companies are finalising a new home flood insurance-policy that will guarantee homeowners living in flood risk areas can still find cover at reasonable prices. |
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