THE MET Office is warning that there will be a month’s rainfall in the next 24-hours in England and Wales and has slapped more than 100 flood alerts and 13 warnings across the country. Do you need flood insurance?
The first thing to do is check your own house insurance policy to see if you have cover or not. Some policies will exclude flood damage. Others will stack up large excess costs. In all cases, it is better to know where you stand than not. Ignorance is no excuse and no insurer will take pity on you and pay out because you made a mistake.
The fact is if you live in a flood postcode or area, then it is obvious you will need flood risk insurance. Without it you could end up having a flood and having to cover the cost of all the damage out of your own pocket.
In known flood areas the price of insurance is likely to be higher than elsewhere because the cost of claims is higher. This is natural but you can minimise the price by speaking with specialist insurers and comparing prices.
Even if you do not live in an area that has flooded in the past but are worried about rising water, you can buy insurance to cover you against any threat. The same advice as above applies, speak to a specialist insurer and tell them the facts about your insurance needs and they will quote to suit. Then if it does flood you know you are covered.
The fact is many of the big name insurers and cheapest policies may not offer flood cover because it is an expensive risk, so check now. As I’ve said, ignorance is no excuse.
The rain is still falling and the warnings in the media means that there is even less reason to suffer financial ruin because of flood damage. We all know what is coming so should be prepared for it. There is only so much you can do with sandbags and prayers and that’s where insurance comes in.
And don’t forget to make sure the excess isn’t too high either. Too high and it will stop you using it as it is not worth activating the insurance or you simply can’t afford the excess – I’ve heard some insurers asking £20,000 excess in flood areas. Put down the phone and try The Property Insurer for the best specialist flood risk insurance in the UK – at a realistic price.
The Property Insurer