I1L2T3   10 #1 Posted February 19, 2014 (edited) The insurance scheme for properties at risk of flooding is detailed here, best article I've seen on it:  http://www.theguardian.com/money/2014/feb/18/flood-re-home-insurance-questions-answered  basically you're not covered if you are at risk of flood and if: 1. Your home was built after 2009 2. Your home is in council tax band H 3. You are a leaseholder 4. Your property is a buy to let property 5. Your property is a holiday let  This could mean over a million UK properties are no longer insurable against flooding.  check your level of risk: http://watermaps.environment-agency.gov.uk/wiyby/wiyby.aspx?topic=floodmap  And of course be careful where you buy. Edited February 19, 2014 by I1L2T3 Share this post Link to post Share on other sites Share this content via...
Super Hans   10 #2 Posted February 19, 2014 I just checked your link and basically I'm at 0 risk of flooding so thanks for that. Share this post Link to post Share on other sites Share this content via...
I1L2T3   10 #3 Posted February 20, 2014 I just checked your link and basically I'm at 0 risk of flooding so thanks for that.  Delighted for you Super Hans.  Seems a shame it'll cost you £10.50 extra a year on your house insurance to cover those who are at risk. Share this post Link to post Share on other sites Share this content via...
geared   302 #4 Posted February 20, 2014 We've got it fairly easy/simple here.  Buy a house up a hill, little to no flood risk. Live at the bottom next to the river - flood risk. Share this post Link to post Share on other sites Share this content via...
Blaschka   10 #5 Posted February 20, 2014 Delighted for you Super Hans.  Seems a shame it'll cost you £10.50 extra a year on your house insurance to cover those who are at risk.  Is it really a shame that it costs £10.50 extra a year on your house insurance to cover those who are at risk?  Isn't the pooling of resources to cover risk what insurance is all about? Share this post Link to post Share on other sites Share this content via...
I1L2T3   10 #6 Posted February 20, 2014 Is it really a shame that it costs £10.50 extra a year on your house insurance to cover those who are at risk? Isn't the pooling of resources to cover risk what insurance is all about?  Normally that is the case. But the extra £10.50 is a surcharge to all policies, the surcharge being negotiated by the government with the insurers to get insurers to cover most of the at risk homes. Without it millions of homes would have become uninsurable. It is persuading insurers to take on risks that they no longer want to cover. It is an interference in the normal working of the insurance market.  So why have so many houses become high risk: 1. Building on flood plains. Government policy failure 2. Neglect of flood defences. Government policy failure. 3. Denial of climate change realities. Government policy failure. 4. Poor planning laws allowing removal of trees and hedgerows, and conversion of grassed areas to tarmac and concrete. Government policy failure.  I'm not happy being stung for £10.50 every year because successive governments have screwed up. Share this post Link to post Share on other sites Share this content via...
geared   302 #7 Posted February 20, 2014 Isn't climate change blamed for everything these days? Last years cold winter was blamed for it, so was the nice warm summer. Now this years wet winter is to blame as well.  I'd much rather people shut up about climate change and concentrated on the government planning failures that allow houses to be built on flood plains and flood defences to be neglected.  Technically alot of East Anglia is below sea level, but it doesn't flood (on this scale) there all that often (from what I remember) Why is that? Share this post Link to post Share on other sites Share this content via...
WeX   10 #8 Posted February 20, 2014 (edited) The insurance scheme for properties at risk of flooding is detailed here, best article I've seen on it: http://www.theguardian.com/money/2014/feb/18/flood-re-home-insurance-questions-answered  basically you're not covered if you are at risk of flood and if: 1. Your home was built after 2009 2. Your home is in council tax band H 3. You are a leaseholder 4. Your property is a buy to let property 5. Your property is a holiday let  This could mean over a million UK properties are no longer insurable against flooding.  check your level of risk: http://watermaps.environment-agency.gov.uk/wiyby/wiyby.aspx?topic=floodmap  And of course be careful where you buy.  This is a thread that is a tad misleading and could cause people to panic (no offence I1L2T3).  You are not covered by the Flood Re scheme if you are part of the above group, but you can still be covered by insurance. Its down to the insurer. Always check with them first. Edited February 20, 2014 by WeX Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   89 #9 Posted February 20, 2014 The insurance scheme for properties at risk of flooding is detailed here, best article I've seen on it: http://www.theguardian.com/money/2014/feb/18/flood-re-home-insurance-questions-answered  basically you're not covered if you are at risk of flood and if: 1. Your home was built after 2009 2. Your home is in council tax band H 3. You are a leaseholder** 4. Your property is a buy to let property 5. Your property is a holiday let  This could mean over a million UK properties are no longer insurable against flooding.  check your level of risk: http://watermaps.environment-agency.gov.uk/wiyby/wiyby.aspx?topic=floodmap  And of course be careful where you buy. So flats aren't to be covered, nor leasehold houses? Share this post Link to post Share on other sites Share this content via...
I1L2T3   10 #10 Posted February 20, 2014 (edited) This is a thread that is a tad misleading and could cause people to panic (no offence I1L2T3). You are not covered by the Flood Re scheme if you are part of the above group, but you can still be covered by insurance. Its down to the insurer. Always check with them first.  The cost of the insurance won't be capped under the terms of the Flood Re scheme.  By all means check but be prepared for much higher premiums.  ---------- Post added 20-02-2014 at 23:43 ----------  So flats aren't to be covered, nor leasehold houses?  That is the way the Guardian article reads.  I was really shocked by that. As far as I'm aware most new builds are leasehold, with freehold as an optional extra that the developer charges for - it could mean many new builds over the last couple of decades are not covered. It's easy to see why insurers would push for that because so much development has been in inappropriate locations. People will be punished for poor planning policy and if the terms for getting insurance now had been known at the time of property purchase many people would not have bought. In fact much of the development could not even have taken place. Big shift of the goalposts. Many subtleties to this policy. Edited February 20, 2014 by I1L2T3 Share this post Link to post Share on other sites Share this content via...
SpikeMac   10 #11 Posted February 20, 2014 The cost of the insurance won't be capped under the terms of the Flood Re scheme.  By all means check but be prepared for much higher premiums.  But insurers, quite understandably, don't insure against certainties.  If you buy a house in a high risk area, you can expect either huge premiums, or refusal to insure. Both are reasonable, in my opinion.  The insurance companies should offer high risk homes insurance for everything but flood at reasonable prices. I don't see why they should have to insure a house in a high risk flood zone against flooding. Share this post Link to post Share on other sites Share this content via...
I1L2T3   10 #12 Posted February 20, 2014 But insurers, quite understandably, don't insure against certainties. If you buy a house in a high risk area, you can expect either huge premiums, or refusal to insure. Both are reasonable, in my opinion.  The insurance companies should offer high risk homes insurance for everything but flood at reasonable prices. I don't see why they should have to insure a house in a high risk flood zone against flooding.  Think you're right - a lot of people not covered by Flood Re will rightly be turned down, or offered extortionate premiums. Share this post Link to post Share on other sites Share this content via...