Flood Warning – Make Sure You're Covered
The last few years have seen a large increase in the number of homes affected by flooding and climate change means this will only get worse in the future. Many policies do cover flood damage to homes but if you live in a flood risk zone the level of cover offered may vary. If you have no buildings and contents insurance on your home then you will have to pay to repair your home and replace any contents affected by flood damage from your own pocket which can be extremely costly.
As such, it's vital that you are covered and it pays to shop around for the right policy to suit you. Companies such as Legal and General offer discounts for buying your insurance online and can offer further discounts if you get your buildings and contents insurance under the same policy. Buildings insurance covers damage to the structure of your home and contents insurance covers your possessions so it is vital you have both.
Check the small print before deciding on the best policy for you. Standard policies do cover flood damage but many do not cover damage to fences, gates and hedges due to storms or floods. Also, if you live in a high risk flood area the premiums may be higher so make sure you get a number of quotes from different providers before purchasing your insurance.
Many home insurance policies also cover the cost of accommodation should you have to move out of your home temporarily due to an insured event. For example, RIAS which specialises in insurance for the over 50s offers temporary accommodation up to £100,000 depending on your policy.
Flooding and home insurance has been highlighted in the media a lot in recent times with reports of insurance companies threatening to stop providing flood damage to homes in high risk areas. However, the ABI (Association of British Insurers) have been working closely with the government to ensure that policy holders do not lose out, though as mentioned before, premiums will likely be higher to those who live in high risk areas.
Even if you do not live in a high risk flood area, the current climate is causing more and more floods each year so be prepared and make sure you’re adequately covered by your insurance policy.
