Seeing flood warnings on the news has started to become a regular occurrence. Cumbria has been the latest place in the UK to be hit by floods. With climate change affecting everyone at the moment, the amout of houses at risk of flooding is expected to rise.
Currently the Environment Agency estimates that one in six homes in the UK are at risk of flooding. With this number estimated to rise in the next couple of years, we could be seeing even more flood reports on the news.
One of the biggest problems people in areas at risk of flooding are facing is having to buy home insurance, especially if it’s holiday homes insurance. Because a common flood claim can cost insurers around £40,000, you should always consider insurance costs when buying a home. Fortunately, you can find a number of resources online that tell you if your home is at risk of flooding.
If you live or are looking to live in England or Wales, you can visit the Environment Agency’s website where you can find flood maps. If you are a Scottish resident, you can visit the Scottish Environment Protection Agency website for flood information.
If you do own a home or are planning to buy a home in a flood risk area, getting your insurance won’t be easy. You’ll normally find that as soon as your home has been flooded, your insurer will push up premiums or excesses. You could even be refused a renew if your house had been recently flooded.
With each flood claim costing insurers around £20,000 to £40,000, you should be prepared to see excesses of aup to £30,000. This is why when you’re buying property, you should always consider any insurance costs and add them to the price of the home. Getting second home insurance can end up being even worse. Due to you leaving the property empty for most of the year, you have to watch for exclusions and high excesses.
I guess you wouldn’t have any of this hassle if you were after home insurance in Spain.