WITH the terrible floods across the North of England in December 2015 there are now thousands of home owners wondering if they can ever get flood insurance in the future. The answer is yes they can probably get flood insurance but there are complications.
Costs of flooding
If these properties didn’t have flood insurance in place before the floods then they will know the financial pain that flooding causes. We are talking tens of thousands of pounds for drying out homes, re-plastering, re-carpeting, new furniture and alternative accommodation. New sofas, televisions, electrics in the home, doors, wasted food and fridges…the list goes on.
Most people will have no choice but to pay from savings or even remortgage to afford the fix. In some cases, flooded houses are already going up for sale tens of thousands or hundreds of thousands of pounds below the pre-flood values, so that’s another heartache – after all, who wants to live in a flood risk zone and face a £30k clean up bill every three years.
Having flood insurance will go a large way to reducing the financial pain to the excess paid. But it won’t help with the emotional heartache of home displacement – nothing will. So flood insurance for your home is the best solution you can hope for and most people can get it, even those in flood areas or at risk, thanks to The Property Insurer.
No insurer in their right mind wants a big risk flood property on their books unless they have specialist underwriting that understands all the risks. Just the same way by living in a flood risk area you understand the additional risks.
Government action needed on flood defences
If the Government puts in major flood defences then that will be a big step in achieving insurance. If the local community clubs together and puts in flood controls, diversions and monitoring, then that will help as well. If there is a flood plan that means when warnings are issued valuables are relocated upstairs, then that helps get insurance.
In the worst cases, the implementation of flood barriers on individual homes will be a major factor. If you have certified flood barriers up to six foot high around your home to keep it watertight, then getting home flood insurance will be a lot easier.
Without any of these measures in place, getting flood insurance will be very difficult, especially if you have a claims history. You have to accept that. Lobby your council and MP for more defences and do what you can to protect your own home.
In many cases you can still get home insurance but flooding will be excluded as it is too high a risk, or the excess will be in thousands and sometimes tens of thousands of pounds. But that is better than nothing at all.
Yes you can get flood insurance
So yes, you can get flood insurance even if you have just flooded, but what you pay, the excess you have to agree and the coverage on offer will all depend on the actions you take. And you’ll need a specialist insurer as well.