|
Assetsure News 15th September 2007
Two Million Homes at
Risk of Flooding
Recent statistics released from the Council of Mortgage lenders
suggest that as many as two million homes are at risk from coastal or
inland flooding. Further, as many as 200,000 have a 1.3% chance of
being deluged as the Uk's climate changes. These are very worrying
statistics for Uk homeowners and for many there is real fear that they
will be priced out of being able to buy homeowners insurance or simply
will not be able to obtain cover at all. According to the council for
mortgage lenders, these numbers are likely to increase as climate
change will get worse before it gets better.
Homes are more at risk from flooding now than at any time in living
memory, global warming is leading to weather patterns over our country
becoming more unpredictable and rainfall becoming heavier. The amount
of precipitation that falls within a space of time is also critical as
heavy downpours in short spaces of time are overstretching our water
waste disposal systems leading to flooding. Sea water is also rising
although tide predictions for the next 20 years calculated by Ordnance
datum newlyn do look fairly consistent. More homes are being built on
flood plains this coupled with lack of statute to enforce flood
protection, could see the number of homes at risk of flooding rise to
3.5 million UK properties.
In the autumn of 2000 approximately 10000 homes were flooded and
homeowner claims cost upwards of 1 billion pounds, at this point the
government and the Association of British insurers on behalf of its
members outlined a set of principles which would ensure continuity of
cover for most households including those that live on floodplains.
However, following the recent unprecedented claims occurring during
the summer months it would appear that the insurers may be thinking of
changing their minds. For the moment, anyone that has an existing
policy should be ok, renewal will be invited but it is of paramount
importance that checks are made that cover is up to date.
Homeowners are urged to check policy
renewal dates and if cover is not already in force to buy cover from a
reputable company as quickly as possible. For any new build property
that is being built on a flood plain, insurers may only consider
covers if there are defences in place or defences are planned. With
the government committed to building new housing in this country
including flood plain sites it will be interesting to see if they have
any proposals of their own to provide
building insurance uk. Insurance
companies after all are in business to make money and most
underwriting strategies do not include taking on risks where claims
are foreseeable.
The environmental agency is advising worried homeowners to contact
them for information relating the possibility of flooding in specific
locations; they have good quality information on their site. Taking
steps now to guard against the effects of flooding may help to reduce
the stress and trauma of flooding occurring at your home.
back
to top
Copyright Assetsure Limited 2007
|
you are here: