Have you been affected by flooding? Do you live in a high-risk flood area? Are you thinking of moving to an area with a history of flood warning? If so, then you may find it a little more difficult to find a sufficient home insurance policy for your property.
Recent reports indicate that over 6 million homes could be at risk of flooding in the UK and this is bad news if your home is one of them. Many mortgage providers are refusing applicants who require finance for a home in a known flood risk zone simply because these properties could be deemed uninsurable.
While the Department for Environment, Food and Rural Affairs (DEFRA) is working hard to improve flood defences, many insurers are still reluctant to provide cover for those homes assessed as too risky. There are many online flood maps you can use to determine if your property is categorised as being in a high-risk area and where one insurer may use one particular map, another insurer will refer to a different one, which means it is well worth shopping around for the best quote. To check your postal code area, visit the Environment Agency (for England and Wales) or try SEPA (Scotland).
There are specialist insurance providers who deal specifically with high-risk properties. A specialist insurer will assess the risk of insuring your home and hopefully be able to provide sufficient cover for your needs. Although, be warned, it's like that your premiums will be high.
Flood Insurance Checklist
1. Refer to a flood map to check whether your home is classed as high-risk.
2. Make sure your building and contents insurance policy covers you for flooding.
3. Check that you have correctly assessed the value of your possessions.
4. Ensure that your policy covers you for replacement on a ‘new for old’ basis.
5. Invest in flood defences such as sand bags, flood barriers and airbrick covers and plan for the worst.
Read our home insurance articles and guides for more great topics or get a home insurance quote.