Flood Risk House Insurance: How To Get The Right Insurance

With climate change comes a rise in the levels of rivers and seas. This, in turn, means an increased flood risk for much of the UK. A national assessment of floods and coastal erosion in mainland Britain last year revealed a substantial rise in flood risk across the nation. The areas at medium risk of surface water flooding have increased by 76% to 884,800 properties when compared to the last comparable survey in 2004. More than 5,000,000 homes across the country face at least some degree of flood risk.

For homeowners, this news may be a cause for anxiety. With more of the country at risk of flooding than ever, this may have severe implications for insurance premiums. Here, we'll look at how homeowners can reduce their insurance premiums as well as their risk of flood damage to their homes.

Flood Re Explained

Flood Re is a not-for-profit organisation developed in a collaboration between the UK government and the insurance industry in 2016. It aims to provide properties in high flood risk areas with affordable flood insurance, and capping excesses for claims at £250.

While the scheme is temporary, it is set to remain in place until 2039. After this, the modelling is expected to be revised and flood insurance will be offered on a "risk-reflective" basis, meaning that premiums can be more closely matched to the individual risk profiles of different properties.

Flood Re works directly with insurers, so policyholders don't need to deal with them directly. It doesn't necessarily influence your insurance premiums, which is why it's still important to use a reliable broker to find the right policy for you.

Cutting The Cost Of House Insurance For Flood Risk Areas

Your flood cover insurance premiums and excesses are affected by your property’s risk level. Depending on the area you live in and the likelihood of flooding, your costs may differ from those who live in other areas.

However, just because you live in a high-risk area doesn't mean that you're powerless to bring down premiums. Making efforts to improve your home's flood resilience can reduce your risk and bring down your premiums. The National Flood Forum is an excellent resource for practical ideas on how to do this.

Some easy-to-action ideas include:

• Replacing concrete landscaping with gravel, paving or grass to improve drainage
• Fitting non-return valves to prevent flood water from entering through your drains
• Installing flood doors or self-closing air bricks
• Signing up to flood warnings from Floodline

Can I Be Refused Flood Risk Home Insurance​?

Unfortunately, yes. Insurance companies reserve the right to refuse you home insurance if they deem the flood risk of your property to be unacceptable. Furthermore, some insurers may agree to insure your home, but the cover they offer may not include damage to your garden, boundary walls, fences or driveway.

This is why finding the right cover is so important for those in areas of particularly high flood risk.

Finding The Right Flood Cover Insurance

Even with improved flood resilience and a proactive approach to finding insurance, it can be difficult to find a policy that meets your needs and budget. Price comparison sites, while useful, can be limited when you need specialist insurance, including house insurance for flood risk areas.

That's where we come in.

As an experienced insurance broker, we can help you find policies from specialist insurers to find the cover that you need at a reasonable price.

Why not get in touch with our expert team today?

Image Source: Canva