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Summary

Houses in high flood risk areas could be uninsurable. That's bad news for owners as its value could drop by 80%. This article provides the background.

Home Insurance. Flood Alert. Page 2

Author: Michael Challiner

Environmentalists warn that

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unless DEFRA gets it's skates on, the UK's current bill for flood damage could rise from £950 million a year, to £3.2 billion. After all, the average insurance claim for household flood damage is £30,000 - that's even higher than fire damage. And ( life insurance adviser ) localised events like the 2004 flood at Boscastle, Cornwall, can cost the insurers over £15 million.

If you are in any doubt whether your home or proposed home, is in a flood risk area, you should visit www.environment-agency.gov.uk. This is DEFRA's web site where ( remortgages ) you can check whether they think your home is at risk of flooding. Their maps were originally designed for planning purposes and provide information on a post-code basis.

Whilst many insurers use the DEFRA information, others like More Than, have their own flood maps. These assess homes individually rather than post code areas. This means ( car insurance cover ) that if your existing insurer increases your premium for flood risk and uses the DEFRA information, you may still be able to get a cheaper rate from an insurer using it's own flood data if its data identifies that your property is beyond the "at risk" zone.

The ABI has recently added to the pressure on DEFRA to accelerate the building ( car insurance quotes ) and upgrading of flood defences. It has warned that unless the government increases its spending on flood defences, the insurance industry may not continue their commitment to the 2003 principles.

That would be bad news for many homeowners.