Climate change, new-build properties located on flood plains, alterations to run-off patterns and various features of the build environment combined mean that flooding is now more of a risk to many properties than it has been previously. A key consideration for homeowners is to ensure that they have adequate insurance in place so that, should their property become flooded, they have protection. Here we consider the issue of flood protection, detailing how property owners can best protect themselves in the event of a flood.
Can Home Insurance Cover Flooding?
A common question is: do you have to buy flood insurance? Flood insurance doesn’t usually have to be bought separately – it can be incorporated into buildings and contents insurance. Depending on the policy, buildings insurance should cover your property, up to the rebuild value, in the event of flood damage to the building. Your contents policy normally provides cover for your possessions, but check whether this is on a new-for-old basis (where a damaged item is replaced by a new version) or indemnity cover (which covers the value of your possessions before the flood only). Although in most cases, flood cover is included, make sure that you check the terms and conditions of your policy so that you don’t get caught out!
Is Your Home At Risk Of Flooding?
Unfortunately, it’s no longer enough to assume that just because you haven’t been flooded in the past, you won’t be flooded in the future. The easiest way to check if you’re at high risk of flooding is to find your postcode on the government’s flood planning map. This, along with knowledge of the history of your home, should enable you to determine whether flood insurance is a good idea.
Where To Buy Flood Insurance
Is flooding covered by home insurance? As indicated, it usually is. Most home insurance companies include flood cover in their policies, although you may pay more if you live in an area with a high flood risk. It is always best to speak to a broker or insurer with specialist flood knowledge.
What Is The National Flood Insurance Programme?
In the UK, the government has partnered with insurers to subsidise the premiums for flood cover. FloodRe.co.uk is the organisation which liaises directly with insurers to underwrite flood cover, enabling participating companies to provide appropriate cover for less.
For any questions or further information regarding flood insurance, please get in touch.