RM Home Stay

Seeing reports of floods on the news has started to become a regular occurrence. The latest floods this year hit in Cumbria last month. With climate change having quite a large effect at the moment, the amount of homes at risk from 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 expected to rise next year, no doubt we will be seeing even more flood reports on the news.

One problem that most people are having in areas at risk of flooding is getting 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, there are a number of websites that inform you of all the areas that are at risk of flooding in the UK.

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 home owner in Scotland, you can visit the Scottish Environment Protection Agency website where you’ll find flood maps.

If you own or are going to buy a home in an area at risk of flooding, getting insurance won’t be simple. You’ll often find that as soon as your house has been flooded, your insurer will push up the premiums. You may find that you are not allowed to renew your policy if you have been flooded.

With every flood claim costing anywhere between £20,000 and £40,000, you should be prepared for a policy excess of up to £30,000. This is the reason why you should add any expensive insurance costs onto house prices when you are looking to buy a home. Getting insurance for second homes can result in even more problems. Due to you not living in the property for most of the year, you have to watch out for exclusions and high excesses.

I guess this wouldn’t be a problem if you were looking for home insurance in Spain.