What is Flood Risk Home Insurance?
The definition of a flood, for insurance purposes, is any flooding caused by factors outside of the home. This can be a river bursting its banks, it can be coastal flooding, or it could be any other external elements that cause a flood in the home.
IMPORTANT: If flooding is caused by pipes bursting or water in the home, this is known as an escape of water. Understanding the differences between these two is very important when deciding on your insurance policy, especially if you’re in a high-risk area for flooding.
High flood risk home insurance will help to protect your building and contents in the event of a flood that falls under the insurer’s definition of the term.
How our process works
We’ve worked hard to refine our process and keep it as quick, easy and simple as possible for our customers.
What Does Flood Insurance Cover?
Flood insurance can cover your home and contents in the event of a flood. Each policy will differ slightly so it’s always recommended to be as accurate as possible in the details you provide and to compare the best options for you.
For buildings insurance, cover can include the removal of debris, drying your home, repairs to structure, repairs to fixtures and fittings and legal expenses.
For contents, furniture, appliances, and even carpets can be covered.
Valuable items will often need to be declared specifically in the insurance policy, as they are with most contents policies. Your policy will usually outline a maximum value and anything exceeding this will need to be declared.
Alternative accommodation in the event of evacuation may also not be covered, so it’s important to check this on the policy you choose. Depending on the risk level in your area, this can have a varying importance.
Different policies will likely have varied terms and conditions that can impact claims. It’s vital to compare your options when considering flood insurance policies to make sure you are getting a good deal without missing out on cover.
Do I Need Flood Insurance?
Flood insurance can be extremely important for those in high-risk areas. When flooding happens, the repairs and remediation can be very expensive. Large amounts of water can damage the building itself and completely destroy the contents of your home. 5.2 million homes in the UK are considered to be at risk of flooding.
The UK Government website allows homeowners (or potential buyers) to check the long-term risks of flooding for your area. Even if you find that you aren’t particularly high risk, it can be a worthwhile inclusion for your home insurance – particularly with average flooding repair costs sitting in the region of £50,000.
Can I Get Insurance In A High Flood Risk Area?
In short, yes.
High flood risk areas historically had problems with accessing insurance, but following the worst floods on record in 2016, the Flood Re scheme was launched to help homeowners protect their homes.
The Government worked with The Association of British Insurers to launch a scheme that would allow insurers to claim back some of the payout amount from the Flood Re Fund, effectively allowing them to reduce premiums for these policies. This means that there are affordable options available to those in high-risk areas.
How Can I Protect My Home From Floods?
The weather on the whole is unpredictable, but we can put ourselves in the best possible position to prepare. In the UK, the winter months pose the highest risk of flooding. To ensure you give yourself the best chance of preparing and safeguarding your home, you can sign up to be notified of flood warnings. This is a free service provided by the Environment Agency.
If flooding is a problem in your area, there are measures you can take to try and protect your home.
- Sign up for flood alerts. There are services for England, Scotland and Wales.
- Install water sensors to detect rising water.
- Keep a reserve of bricks, palettes or materials you can use to raise furniture further off the ground. Keep sentimental items in sealed, waterproof storage and raised off the ground if you have received flood warnings.
- Move furniture or important documents upstairs.
- Raise electrical sockets so that they sit higher on the walls.
- Install flood doors or have removable seals or barriers for your windows, doors and vents.
- Have sandbags or external barriers available to stop water from reaching the house.
- Prepare an emergency flood kit. This can include insurance documents, a torch and batteries, essential medicines, waterproof and warm clothes, pet supplies or any other emergency essentials.
- Look into landscaping your garden or driveway in a way that diverts water away from the house.
What Factors Impact Flood Insurance Costs?
As with all other home insurance policies, there are a number of factors that can impact cost and make certain policies more expensive than others.
Type of Cover
The level of cover you choose will absolutely impact cost, as it does with all types of home insurance.
You can choose to cover just the building, just your contents, or both buildings and contents under your insurance policy. You should consider the costs to repair any damages yourself and understand what is covered should anything go wrong before committing to one policy.
Property Value and Other Property Details
Of course, the value of the property covered will also influence the cost. Materials, building styles, decor, and your contents themselves can all increase the potential cover needed, so it’s important to provide accurate valuations to make sure you’re completely covered in the event of a flood.
Proximity To Water
How close you are to water will typically indicate how high-risk the area is. For higher risk areas, this can mean a slightly higher cost. Those located on the seafront or close to rivers or bodies of water typically will see higher premiums than those only at risk of flooding from heavy rainfall.
History Of Flooding
If your area has a history of flooding, this can factor into your quote for flood insurance. Unless there have been significant changes and anti flood measures, the same areas tend to flood again and again. Insurers may take this into account when quoting flood insurance.
