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Over the past few years many property owners in the United Kingdom have been having trouble finding insurance that will cover them for flooding. There’s a lot of confusion in the UK currently when it comes to home insurance and flood cover. This is in part down to two issues:
Statement of Principle
The UK government and the insurance industry have, since 2008, has an agreement – usually referred to as a Statement of Principle – to ensure that UK insurance companies offer affordable rates to home owners in flood risk areas. In return, the UK government is to invest in flood protection across the country.
This Statement of Principle however, comes to an end in June 2013, and home-owners and insurers getting increasingly uncomfortable with the prospect of facing the unknown.
Increase in Flooding
The United Kingdom has suffered from tremendous flooding in the 21st century. Until 2000, the UK’s biggest flood were in 1947, when the River Thames flooded, and 1953, when areas along the North Sea coast suffered from floods, and 1968 when areas of South East England suffered from torrential rain, resulting in flooding.
However, in the first few years of the 21st century, the United Kingdom has suffered flooding almost on a yearly basis. In 2002 Glasgow was flooded. The whole of the UK suffered in 2007, and in 2008 the area around Morpeth was particularly badly affected. In 2009 again the whole of the UK was struck, particularly Workington, then Great Britain and Ireland were both badly hit in 2012.
So, with the huge rise in flooding in the British Isles, combined with big question marks over the future of flood insurance, it’s not surprising that many British property owners are having problems finding affordable insurance that will give proper cover for the eventuality of flooding.
Being in a flood risk zone can play havoc with your insurances. If you live in area identified as a potential flood risk, or your home has a history of flooding, then you could well find it difficult to find affordable insurance that offers the right cover, or indeed any insurance at all. There is help at hand. Organisations such a The National Flood Forum offer tips and advice on how to approach finding flood insurance under difficult circumstances. DEFRA, the UK Government Department, also offers information and advice.
Find a Specialist Flood Insurance Company
The organisations mentioned above offer suitable advice that, although they might not spell it out quite so bluntly, means one thing: anyone having problems finding flood insurance needs to go to a specialist provider. In these circumstances, quite often the big insurers (we all know the ones, those companies who forever seem to be spending big money on TV advertising) are unable to be flexible enough (or dare we say, even understand) to deal with your particular situation. Links to specialist flood insurance providers can be found on the websites listed above.
Finding an understanding and specialist flood insurance provider is key to those home or business owners who have already suffered from flooding. As soon as a large insurance company gets wind of the fact your property has a history of flooding they will simply label your property “flood risk” and hike up the price without looking into the details and particular circumstances of your case. Better still, if you can find 3 or 4 specialist flood insurance providers, then you can compare their different policies and prices to get the best deal for you and your property.