--- title: Flood Insurance Cover date: 2012-07-20T00:00:00+01:00 author: Marc Prior canonical_url: "https://www.assetsure.com/homes/home-insurance/flood-insurance-cover/" section: News --- Our Customers Love Us! Home Insurance [Trustpilot](https://uk.trustpilot.com/review/assetsure.com) ### Get a Quote [Get Quote](https://intasure.com/home-insurance/?introducer=59999022) [Home](/) › [Property Insurance](https://www.assetsure.com/homes/) › [Home Insurance](https://www.assetsure.com/homes/home-insurance/) › [Flood Insurance Cover](https://www.assetsure.com/homes/home-insurance/flood-insurance-cover/) # Flood Insurance Cover Under a [home insurance policy](https://www.assetsure.com/homes/home-insurance/home-insurance-cover/), the peril of flood is included for the vast majority of Uk homeowners. It is classed as one of the standard insurance perils and is listed in the council for mortgage lenders handbook as one of the perils required before a mortgage can be advanced on a property. Under an agreement between the Association of British Insurers and the Government, even homes in higher rated areas have the cover included thus extending to the owners valuable insurance protection and ensuring compliance to the terms and conditions of their mortgage. Now this agreement between the Government and the Association of British Insurers to provide cover to “at risk” homes expires in June 2013 and a new agreement has yet to be reached. It is estimated by The Environment Agency that 5.2 million homes in England alone are at risk of flooding and as many as 185,000 business premises. This is a serious situation for homeowners and mortgage lenders alike as potentially no insurance cover = no mortgage. Why is the agreement coming to an end? The statement of principles was agreed by the Association of British Insurers and the Government in 2008 and under these agreement insurers would continue cover for at risk homes, often at a higher premium with a higher policy excess. The Association of British Insurers believes that despite these additional terms, their members have continued to cover many properties, which had the agreement not been in force would have been uninsurable. The Association further believes that its members contribution to providing flood cover is almost unparallelled in European countries. However, the Association, in my opinion correctly believes that the problem of providing cover against flood is not solely the problem of insurers, after all they wish to make a profit and cannot continue to provide cover if losses continue at the current levels. Without additional investment and a plan of action, the situation is likely to worsen. With changing weather patterns and the increased likelihood of flooding caused by surface water, claims look set to increase unless appropriate action is taken. The government needs to spend more money on improving flood defences in high risk areas, and until this is done, it is unlikely that insurers will want to continue to foot the bill for losses which can average between 20 and 40 thousand pounds per property. What’s the answer? The situation of allowing homes to be insured without some flood insurance cover is clearly unacceptable, without the protection of this insurance cover, home owners could not only face potentially a situation where they do not have the funds to repair their damaged homes but may also find they are unable to obtain a mortgage or continue with an existing mortgage. Clearly, without a mortgage, the sale of a property may only appeal to cash buyers and even they may not be interested if the acquisition of a suitable contract of home insurance is not possible.Further, I do not believe that lenders will wish to have funds outstanding on property that is not secured by an insurance policy. I believe it is time the Association of British Insurers and the government advanced their discussions in to this matter and perhaps arrive at a temporary situation where the government underwrites the risk of flooding, in return for an insurance premium, which perhaps could be added on or incorporated in to a home insurance policy. This may prove a controversial method as homeowners who are not at risk will not want to subsidise those that are. However, as with Terrorism insurance, the government in conjunction with the Association of British Insurers should be able to come up with banded insurance premiums so those at risk pay more than those that are not. Other European counties have levies imposed by the government for certain risks In Spain, for example, Spanish insurance policies have a “Consorcio” charge, the Consorcio is a public corporation that basically acts as a catastrophe insurer for certain types of insurance and perils, the primary role of Consorcio is to compensate losses arising from a number of natural events including socio-political acts defined as “ extraordinary events.” Also in Turkey they have a system known as DASK. DASK is a compulsory earthquake insurance provided by the Turkish Government which covers a percentage of damages in the event of an earthquake. It is being reported in the press that some households are already finding it difficult to buy home insurance and with the deadline now less than a year away, urgent action is required to avert a crisis for homeowners. ## Latest News & Advice [![Dealing with Woodworm and Dry Rot](/assets/uploads/images/_800x405_crop_center-center_none/assetsure-banner-plain.jpg)](https://www.assetsure.com/homes/home-insurance/woodworm-dry-rot/) ### [Dealing with Woodworm and Dry Rot](https://www.assetsure.com/homes/home-insurance/woodworm-dry-rot/) Woodworm, Dry Rot and Wet Rot. One of the most costly maintenance problems for homeowners is woodworm, dry rot and wet rot. If left untreated it can huge amounts of damage to the interior of your home. There are treatments and remedies to prevent it’s spread and to eliminate the problem it becomes critical. Woodworm is most commonly caused by the furniture beetle which leave larvae boreholes inside the major woodwork elements of a property. These area include the roof timbers, joists, staircase and floorboards. Woodworm can also infest ordinary household furniture causing a home insurance claim problem.... [![Types Door Window Locks](/assets/uploads/images/_800x405_crop_center-center_none/window-lock-news-banner.webp)](https://www.assetsure.com/homes/home-insurance/types-door-window-locks/) ### [Types Door Window Locks](https://www.assetsure.com/homes/home-insurance/types-door-window-locks/) Types of Door and Window Locks – when purchasing a home insurance policy, you may find that your insurance company want you to have certain security measures in force at your property. These should be studied most carefully as without the correct protection being in force, you may find your cover compromised in the event of a claim. For most people, this involves having good quality door and window locks. Good physical security at your property, will be of a far greater benefit in deterring Theft than having an alarm fitted, but not being a lock expert, have do you discover if you have the correct locks fitted at your home?... [![Subsidence Structural Problems](/assets/uploads/images/_800x405_crop_center-center_none/assetsure-banner-plain.jpg)](https://www.assetsure.com/homes/home-insurance/subsidence-structural-problems/) ### [Subsidence Structural Problems](https://www.assetsure.com/homes/home-insurance/subsidence-structural-problems/) Preventing or Dealing with Subsidence and Structural Problems.Whilst subsidence is usually covered by a building insurance policy, it is definitely something that you do not want to happen at your property if at all possible. Claims for subsidence can be on the large side ( hence the reason for the standard policy excess being £1000) and even if the building is repaired by the insurance company, you may find that’s in the future, insurance is harder to source ( and possibly more expensive) and the market value of the property and it’s marketability may also diminish... [More News](https://assetsure.com/news) ## Why choose our specialist insurance cover? ### Home Insurance from Assetsure Our Home Insurance can provide cover for your Buildings, Contents and Personal Effects. Monthly payments available ### Legal Assistance as Standard All our policies include Legal assistance as standard up to £50,000 This offer Legal protection for problems relating to employment, contracts, property and personal injury etc. ### Home Emergency as Standard All our policies cover Home Emergency as standard up to £500. this offers protection against unexpected events such as the failure of your main heating system, blockage of drains or failure of your domestic gas or electricity supply ### £1,000,000 Cover for Buildings We automatically provide you with £1,000,000 cover for rebuilding cost of your property, ideal if you are unsure of your re-building cost. ### Excellent service offered We like to offer all our customers a first class service, which is backed up by our Trust pilot ratings. We are open 6 days a week to assist you with your enquiries. ### Instant cover and policies Most of our policies you can now buy online and receive instant documentation. 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