Buyers must insure their home at the point of exchange rather than completion, as one couple found out to their cost
The firm’s new tool for assessing flood risk could see home premiums soar, as one reader with a £1,000 policy discovered
Government’s policies on sustainable drainage are failing to protect communities from flood risk and miss opportunities to improve amenity and the environment, according to MPs.
Hundreds of thousands of householders in flood risk areas have failed to install basic protection against rising waters, insurers say.
The Association of British Insurers said even buildings guarded by flood defences should have flood-proof doors in case embankments are over-topped.
The National Association of Estate Agents report has batted away an idea which has been resuscitated by the insurance industry, suggesting property listings from agents and portals should include ‘traffic light’ flood warning symbols.
Residential and commercial property owners in the UK are being urged to make sure they understand flood insurance cover after the full cost of the latest winter storms were revealed.
The number of insurance claims for flooded homes and businesses made in the wake of December’s storms has climbed to more than 15,000 with 85% of these either fully or partly paid out so far, according to the Association of British Insurers (ABI).
The average cost of each domestic claim for the floods caused by Storms Desmond, Eva and Frank is around £50,000 which is higher than usual and reflects the extensive damage caused by the flood waters in some locations.
Storm damage, burst pipes and damage from break-ins were the top reasons that buy to let property investors make insurance claims, new research has found.
The most common claim was for storm damage, which cost an average of £1,500 to repair, followed by damage to ceilings, walls and carpets caused by burst pipe with an average £4,500 repair bill.
The analysis of data from 100,000 policies by Simple Landlords Insurance also found that the third most common reason for making a claim was property damage caused by burglars with an average claim of £2,300.
Government-backed scheme has started offering cover to at-risk householders, but there still are exclusions
A scheme has been launched in the UK to help people with properties in areas susceptible to flooding to get affordable home insurance.
Flood Re is described by the Association of British Insurers (ABI) as a word first. It is not a home insurer but will work behind the scenes with existing insurance companies so that people with home in are most likely to flood can shop around to find policies with affordable premiums and excesses.
‘It’s great to see so many insurers ready to make use of Flood Re from launch. The launch is just the start of a process and we know more providers will join them over time, bringing even more choice for people with homes at risk of flooding,’ said James Dalton. Director of general insurance policy as the ABI.
With the UK in the middle of yet another storm with high winds there are calls for a new approach to home building on flood plains and an increase in awareness for home owners.
Land agent Aston Mead believes that the country needs to get rid of the notion that sand bags can prevent homes from being flooded and instead adopt a radically different approach.
The call comes as new survey reveals that one in three home owners are unaware whether their home is on a flood plain or not.
Almost 10,000 homes a year are built on floodplains, with an average of one new home in every 14 constructed on land that has a significant chance of flooding, either from a river or the sea.
With the UK again being hit by bad floods this winter new research has found that a quarter of buyers would consider properties on known flood plains.
The research from HouseSimple also found that of those who would buy on a flood plain some 65% would want a price discount of at least 21%.
The poll asked respondents whether they would buy a home next to one of 17 undesirable locations including a prison, rubbish tip, busy school and electricity pylons.
Winter flooding in parts of the UK saw people desperately trying to stop water destroying their homes, with many piling sandbags at their doors and windows.
But for some in the Netherlands, rising water levels is not an issue.
A decade ago a Dutch firm built several houses which simply float when flood waters rise around them.
The extensive flooding in northern England, parts of Scotland, north Wales and Northern Ireland has left many farmers facing huge clean-up bills.
Huge swathes of farmland remain waterlogged and unusable, and where floodwaters have receded, grazing infrastructure has been devastated by washed-up silt and debris.
Large areas of arable and winter feed crops were destroyed, farm buildings wrecked and farmyards left under water at a time when farm businesses were already under severe pressure with depressed commodity prices.
However, affected farmers are being urged not to suffer in silence and instead seek help from several areas.
Insurance claims for damage caused by floods so far this winter will reach £1.3bn, the Association of British Insurers (ABI) has said.
The figure is the value of claims for those affected by Storms Desmond, Eva and Frank for damage to homes, businesses and vehicles.
The destruction in the north of England brings into stark focus the effects of storms on housing. We look at the wider situation
Residents of Morpeth, which last flooded in 2012, have spent the subsequent years battling to keep their insurance costs down
Experts say premiums are likely to increase further after latest flooding while insurers say it’s too early to judge how much deluge will cost the industry
Insurers say a "small army" of claims managers are at the scene of flood-hit areas, but they urge affected residents to follow advice to protect any claims.
Rapid response teams are now sent by insurance companies to major incidents, following criticism of their reaction to the UK's 2007 deluge.
Householders hit by Storm Desmond have been told to stay safe, but to act to reduce risks of further damage or loss.
This includes locking up unattended homes and keeping evidence of damage.
Some 5,000 homes and businesses hit by floods in Cumbria and Lancashire are to be given tax relief, as new Met Office warnings of rain are put in place.
The temporary relief will apply to council tax and business rates.
Storm Desmond hit north-west England, parts of Northern Ireland, north Wales and southern Scotland at the weekend.
People looking to buy a home in the UK should be given more upfront information about the property’s flood risk, it is clamed, with a survey showing that the vast majority want it included on sales details.
Some nine out of 10 people believe that flood risk information should be included on material about properties for sale, according to a study from the Association of British Insurers (ABI).
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