Is Your Home at Risk of Flooding?
News reports of flood warnings and current floods are started to becoming a regular thing. 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.
The Environment Agency is currently predicting that one in six homes are at risk of flooding. With this number expected to rise next year, no doubt we will be seeing even more flood reports on the news.
One of the biggest problems people in areas at risk of flooding are facing is having to buy home insurance, especially if it’s holiday homes insurance. 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. Thankfully, there are quite a few websites where you can find information about the areas that are 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 home owner in Scotland, you can visit the Scottish Environment Protection Agency website where you’ll find flood maps.
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 normally find that as soon as your home has been flooded, your insurer will push up premiums or excesses. 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 generally costing between £20,000 and £40,000, you shouldn’t be shocked to receive a £30,000 excess. 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 homes insurance can cause even more problems. Due to you leaving the property empty for most of the year, you have to watch for exclusions and high excesses.
I guess you wouldn’t have any of this hassle if you were after home insurance in Spain.