« Looking For A New Office | Main | Should you sell your gold to a cash for gold website »
Is Your Home at Risk of Flooding?
By Billy | January 9, 2010
Seeing flood warnings and people recovering from floods on the news is becoming a regularoccurrence. Cumbria has been the latest place to be hit by flash floods this year. With climate change affecting everyone at the moment, the amout of houses 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 estimated to rise in the next couple of years, we could be seeing even more flood reports on the news.
One of the biggest problems people living in areas at risk of flooding face is having to get home insurance, especially 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, there are resources online where you can find out whether your home is at risk.
If you have a home or are looking to buy a home in England or Wales, you can visit the Environment Agency’s website for detailed flood maps. If you are a Scottish resident, you can visit the Scottish Environment Protection Agency website for more flood informaton.
If you do own a home or are going to buy a home in a flood risk area, getting your insurance won’t be a simple task. 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 every flood claim costing anywhere between £20,000 and £40,000, you should be prepared for a policy excess of up to £30,000. 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 end up being even worse. Due to you not living in the property for most of the year, you have to watch out for exclusions and high excesses.
Isupposeyou wouldn’t have that problem if you were after home insurance in Spain.
Topics: Real Estate Investing |
Comments are closed.