Will Coastal Erosion Hike Up Buildings Insurance Costs?

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Most of the news coverage this winter has been about the devastating damage caused by extensive in-land flooding, but homeowners living in coastal areas have been equally hard hit. Many years’ worth of coastal erosion has taken place in just a few weeks and some properties are finding the sea coming alarmingly close.NEWS

Sea Defences

In some areas, the government is spending millions of pounds on boosting existing sea defences, or building new ones. However many of the properties most affected by coastal erosion are on the edges of cliffs, where building sea defences just isn’t practical. These homeowners face ever rising home buildings insurance as the risk of landslides increases, and the eventual possibility of having to leave their home altogether. Experts believe stormy weather will increase in future and the risk of living on the coast will be reflected in increased premiums.

What Can be Done About Coastal Erosion?

We can’t stop coastal erosion altogether, but it is definitely something to consider when buying a house, or when renewing a policy. Any subsidence or existing landslide damage will have to be reported, and this may increase premiums. The problem with erosion is that it is not a steady process, and although we have seen massive erosion this year, there may be no further problems for many years. Always check the terms and conditions of your policy to thoroughly to check you are covered, and don’t be tempted to take the risk of going without it if your premiums rise – the cost of replacing your home will be many times more than the insurance cost.

Policy Expert

We have a real passion for making sure people get the cover that’s right for them. We’re driven by a desire to help you find not only the best value insurance, but the right insurance for your individual needs. For more information speak to one of our experts on 0203 014 9300 or email ask@policyexpert.co.uk

The views expressed here are solely those of the author and do not necessarily reflect the views of Policy Expert.