Our houses are probably the most valuable possession we will ever own; Like any valuable possession, it’s important to make sure your home is adequately protected in case the worst happens. Homeowners insurance is the main way people can protect their homes or at least the financial outlay of repairing or rebuilding them in the event of a catastrophe. However, while home insurance will typically cover a wide range of different circumstances, it is very important to consider the inclusions of specialized policies, such as flood insurance, if you live in an area that is particularly prone to flooding.
Flooding is a big problem in certain areas of the UK. If your home becomes uninsurable due to regular and persistent flooding, this often makes it unsaleable, particularly as mortgages are given on the condition that the home is insured. The other downside of not having insurance is that if damage occurs, you will have to pay the bill. This is a particular problem considering that the average cost of repairing a house, flooded to a level of around two feet for just two days, is around eighteen thousand pounds.
Most insurers work with the UK Environment Agency to research which areas are most prone to flooding, so in many cases they will have a good idea if your home is at risk. The Association of British Insurers has played a big part in this and has worked hard to produce a rating system for homes in the UK, this gives consumers and insurers an idea of whether flood insurance should be included as standard or not. as an additional plugin. premium
– Low-risk properties have less than a half percent chance of flooding in any one year. This applies to the vast majority of homes within the UK and in most cases an insurer will add flood insurance to the policy as standard.
– Moderate risk properties have a risk of flooding between 0.5% and 1.3% in a year. While it will be possible to find flood insurance fairly easily, many companies will adjust the premium or excess amount that will need to be paid in the event of a claim.
– High-risk properties have a flood risk greater than 1.3% in any year. As a homeowner, it is typical for flood insurance to be added on a case-by-case basis. While home insurance is usually possible, premiums often vary.
If you’re in a high-risk home, it’s possible to make a difference in your premiums by taking a few different actions. Installing flood defenses on your home, such as door and window barriers, as well as vents and service closures for drains, is a good idea to protect your home from moderate flooding and should help reduce the cost of your premiums.
