Think about this for a moment:
Floods can be devastating to a person’s home and belongings. It’s one of the most dangerous natural disasters that can strike a city or region.
They can also cause massive destruction in the surrounding areas, which is why it is important for people who live along waterways or near bodies of water to purchase flood insurance. Floods are unpredictable, but if you know what to look out for you will be able to better protect your property from floods.
Flood insurance1 is an important financial protection for all homeowners who live in high-risk flood zones as it helps pay for repairs to the property, replacement for lost clothes and furniture, temporary housing expenses if needed while your home recovers from flooding damage, medical bills resulting from an injury incurred during a flood event even funeral costs in some cases.
It’s typically a separate policy that helps to safeguard your home and belongings in the event of a flood. Flood damage is often not covered by standard property insurance policies, such as homeowner’s insurance.
Because the expense of clean-up and repairs after a flood is so enormous, it’s critical to ensure both your home and its belongings.
Flood Insurance Cover
Flood insurance is typically included in your regular building insurance policy and should cover damage to walls, ceilings, floors, and windows.
Your contents insurance will cover personal goods and valuables. In the event of a flood, double-check what will and won’t be covered. Separate insurance policies, or even a high-risk policy, may be required for more valuable objects.
If necessary, your insurance coverage may cover the costs of drying out and rebuilding your house, replacing damaged belongings, professional fees like builders, architects, and solicitors, as well as alternative housing if you are unable to live at home. Please check as it’s entirely dependent on the type of insurance coverage you have.
How Likely Am I To Be Flooded?
There are a variety of internet resources available depending on where you live to assist you to determine if your property is in a flood-prone location.
Let’s have a look:
- England – If you live in England, you can find out if your home is at risk of flooding by visiting the Environment Agency’s website.
- Wales – Residents in Wales can find out if their home is in a flood-prone area by visiting the Natural Resources Wales website.
- Scotland – If you live in Scotland, you may find out if you live in a flood-prone area by visiting the Scottish Environment Protection Agency (SEPA2) website.
- Northern Ireland – The Rivers Agency in Northern Ireland can assist you to determine if your home is in a flood-prone location.
All four websites offer maps that indicate places that could be flooded by rivers and seas.
Flood zones, defined by the Environment Agency, are used to determine the likelihood of flooding in a given location. The zones only apply to regions that are at risk of flooding from rivers or the sea, and not all rivers have been considered in the calculations.
There are three main flood zones: flood zone 1 has the lowest risk of flooding throughout the year, while flood zone 3 has the highest risk of flooding throughout the year.
Insurance in a Flood Risk Area
Even if you live in a flood-prone location, you should be able to find reasonable house insurance that covers you against floods.
Keep in mind,
While this wasn’t always the case for many homeowners, In April 2016, the insurance sector and the UK government created Flood Re, a reinsurance scheme, to assist homeowners whose properties are likely to be flooded. This scheme is designed to assist those who live in flood-prone areas in obtaining affordable home insurance.
How Does Flood Re Works?
Every house insurer in the UK is required to contribute to the Flood Re Scheme. Every year, the Levy raises £180 million, which is used to cover flood risks in home insurance premiums.
Here’s an interesting fact:
Behind the scenes, Flood Re collaborates with insurers. When you get home insurance, your insurer has the option of passing the flood risk portion of your policy to us for a set fee. Your insurance will pay your claim if you file a valid claim for flooding. We’ll reimburse that insurer from the Flood Re fund later.
Flood Damage Claim
After a flood, contact your insurance company as quickly as possible. They’ll almost certainly need to arrange for a loss adjuster to visit your property. A loss adjuster will inspect the property and certify that any necessary repairs or replacements are covered by your insurance policy.
You should not dispose of non-perishable things until you have gotten approval from your insurance provider since doing so could jeopardize your flood insurance claim.
It can take some time to file a claim. Insurers may be very busy with calls and claims from the rest if your neighbourhood has been damaged by a significant flood.
Does Your Business Need Flood Insurance?
Flood insurance is an option for most businesses. If a business owns property in a flood zone and has a mortgage with a lender that is insured or controlled by the federal government, flood insurance is required.
How Does Flood Re Affects Home Insurance?
Flood Re may have an impact on the home insurance premiums that all insurers provide their customers, but it will have the largest impact on houses that are most vulnerable to flooding. It’s vital to keep in mind that flood risk is just one of many considerations when determining a premium.
How Much Does Flood Insurance Cost?
The cost of flood insurance varies depending on how near you reside to a body of water. For individuals who live within 150 metres of water, the average yearly cost of home insurance is £192.51. On average, homes located more than 400 metres distant cost £161.15.
How Can I Reduce My Property's Flood Risk?
There are a variety of flood resistance and resilience methods that can assist safeguard your home from floods. Flood resistance measures are items and adaptations that prevent floodwater from entering your home. Meanwhile, resilience measures are intended to minimize the damage caused by floodwater if it does enter your home.
Resistance measures include:
- Flood barriers
- Installing non-return valves into drainage lines to avoid sewage backing up into the house
- Installing airbrick covers
Resilience measures include:
- Paints and plasters that are resistant to water
- Higher-level sockets
- Pumping systems
Flood insurance is a type of coverage that protects your home from the damage caused by flooding. Floods can happen anywhere, and it’s important to make sure you have this protection in place before they do otherwise you could be making a big mistake.
By now you should:
Speak with an agent to ensure you understand the flood insurance policy’s coverage specifics, exclusions, and limits, and to assist you in making the best decisions for your situation.