Home Insurance and Flooding

What is the likely impact of the increasing flood risk in the UK? What will happen if your home is affected by flooding?

Flood risk is an increasing problem in the UK. and buildings insurance companies are concerned about the rising risk of flooding. Claims to settle properties which have been flooded are by nature quite expensive. Flooding also tends to be a recurring threat with affected properties which means that once flooded a home could suffer more than one flood in a short period of time.

This makes accepting flood risk properties a difficult decision for UK insurance companies as it is almost inevitabe that the property will once again face flood damage.

A general rule amongst house insurance companies is that if a building suffers flood, then the present insurer will continue to cover it at renewal of the policy. However you will be unable to switch insurer at this stage. Whilst this may mean you are stuck with a limited choice of insurers willing to cover the property, at least you are offered the protection you need.

If you move into a property that is suceptable to flooding, you should investigate who previously insured the home. this might be your only chance of getting proper buildings cover for the property.

There are some flood insurance specialists on the market who may be able to offer cover.