Wednesday 26 June 2019

UK’s most flood-prone cities revealed – How are home insurance premiums affected?

Author: Cambridge Web Marketing

Extreme weather

Around 2.4 million homes in the UK are considered to be in flood risk areas, meaning these homeowners live in fear of their home being flooded and the misery it brings. The effects of flooding are devastating, especially for local businesses – as many as 40% of small business don’t re-open after a disaster of this kind. Spending on flood defences is around £4 billion a year and for the homeowner in a flood-risk area, the cost of insuring their home is almost out of reach. Where are the worst hit areas? What can homeowners do to ensure adequate insurance cover?

Flood-prone Cities

MoneySuperMarket has released a list of the top 10 flood-prone cities, findings they have based on over a million home insurance quotes from 2018. Hull tops the list with 7.5 % of homes flooded in the city, followed by Carlisle, Lancaster, Gloucester, Llandudno, Worcester, Perth, Oxford, Halifax and finally York, where 1.5% of homes were flooded.

For Homeowners who have experienced a devastating flood, there is more angst to come in the shape of more expensive home insurance premiums.

Costly home insurance premiums

The survey also found that home insurance premiums jumped by almost a fifth after making a claim for a flooded property. Flooding and the extortionate cost of home insurance have forced authorities to react. The government took action in the shape of Flood Re, a scheme that helped to make insuring flood-prone homes more affordable.

As well as insurer schemes to help you cover your home in the event of flooding, homeowners in flood-prone areas and cities such as Hull are being urged to take action to protect their property against floods.

How to protect your home against flooding

NFU Mutual has published information on how the resistance and resilience approach to flood protection for a home or business can help to minimise damage caused by flooding. The first step is to find out if your home is at risk of flooding and consider signing up to the relevant agency’s early-warning system.

If you are in a flood-risk area, it is prudent to take as many measures as you can to prevent flood damage to your property. Flood resistance includes measures such as removable barriers, temporary seals around doors and air bricks, as well as fitting non-return valves to drainage and toilets and pumping systems too.

Resilience measures meanings replacing materials with more water-resilient ones such as ceramic and stones instead of a wooden floor.

Finding the right home insurance at the right price

Protecting your home with the right home insurance policy is essential. You may think insuring your home against flooding will be an expensive step but by taking protective measures, you will find your home insurance premium a lot more affordable.

It’s also important to shop around and compare cover being offered, as well as price.

This is where our expert home insurance team come in! We get to know your financial circumstances and do all the hard work when it comes to finding home insurance policies that offer the right level of cover at the right price.

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Written by: Cambridge Web Marketing