Extreme weather conditions have become rampant lately in various areas in the UK. Heavy rains seem to be on the rise. The flooding seems to be the worry for people who own property or buildings in flood prone areas especially those who have no buildings insurance for flooding. Flooding is cause for concern to many because of the fear of losing their property. They do understand well that to protect their property they must secure a building insurance for flooding and most have tried to get one. But the problem lies with the insurance companies. Most insurance companies shy away from offering such property owners insurance covers because after conducting research on the area they find it too risky to take on because of the frequency of the occurrence of flood.
However some property owners have managed to secure a building insurance for flooding, after negotiations with the insurance companies to get some form of cover. In most cases the homeowners are faced with paying up to 70% more than the normal rates of the premium. This proves to be no mean feat for them since the property is hard sell because of the stigma to buildings in flood risk areas. Whenever they manage to sell, they sell it at a very low price since its value has decreased considerably. So in most cases they are stuck with paying these outrageous premiums to cover the flooding risk.
All is not lost though, thanks to technology; developers are coming up with ways to provide good defenses for buildings in flood prone areas thereby increasing the chances for buildings to get insurance by having the risk status on the buildings reduced. This has increased the value of the properties. However to make insurance companies more accommodating in offering insurance cover to your flood prone properties there are factors to consider.
It is advisable to make sure that everything of value is moved from the basement or ground floors to the upper floors of your building. Everything of value should be on upper floors where the flood waters might not reach. Secondly it is wise to consider using non- absorbent material for your floors, you can use plastic-floor coverings or rugs but it should be something that won’t cost the insurance company too much money to replace. It is also advisable to know that being in a flood risk area does not mean that your home will always flood. Flooding may take time but it is wise to be prepared all the same.
For the developers who wish to obtain properties in a flood risk area it is advisable to study a flood map and make informed choices on the areas with frequent and infrequent flood occurrences so the chances of getting a building insurance for flooding is high. Flood maps are available online through environment-agency.gov.uk.
Lastly it is advisable for building owners to read the terms & conditions of buildings insurance on flooding thoroughly and understand them well to avoid lawsuits in the event the insurance company refuses to cover them.