Is your home protected from flooding? - Home insurance - News - Moneyfacts


Is your home protected from flooding?

Is your home protected from flooding?

Category: Home insurance

Updated: 04/04/2016
First Published: 04/04/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Winter has once again seen many homeowners face the destruction of floods, which caused expensive and widespread damage. It should therefore come as a relief that today (Monday 4 April) marks the launch of the Flood Re scheme, which will enable people who live in areas susceptible to flooding to get cheaper home insurance. However, it seems that few people are aware of the scheme and many don't worry about their home flooding at all.

Lack of awareness

Research carried out by Admiral found that despite 67% of respondents believing that flooding will become more and more of an issue in the future, fewer than one in seven (15%) were worried about the risk of flooding to their own home. Such unconcern could have expensive and emotional consequences: of those who have suffered a flood (7%), 21% said that the worst thing was the damage to their furniture and carpets while 16% cited the emotional stress it caused.

Having insurance in place that can protect you financially should a flood occur should therefore be an important consideration, particularly if you do own a home that is susceptible to flooding. However, only one in seven of those questioned were aware of the Flood Re scheme, which means that many could be missing out on the benefits of flood protection at a more affordable price.

What can you do?

If your home is at high risk of flood, then the launch of the Flood Re scheme should prompt you to search around to see if you can finder a cheaper home insurance policy. "Some people have been with the same insurer for many years paying very high premiums, often coupled with high excesses," commented Noel Summerfield of Admiral. "If customers at the highest risk of flood are unsure if they can save money, then we'd encourage them to shop around."

If you have been lucky enough to so far escape the effects of flooding, make sure you find out what the likely risk to your home is. That way, if there is a chance that your home could be flooded, you can ensure that your insurance is up to the task. It's also a good idea when buying a home to weigh up the risks of flooding and do some research to see if this is a risk you are comfortable with.

You can use our comparison tool to check out what home insurance quotes you can get and see if you can save money in the process.

What next?

Get home insurance quotes with our comparison tool

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Planning some DIY? Don't lose out!

The August Bank Holiday is almost upon us, and that can only mean one thing – DIY! But while tackling those jobs around the home is a common pastime for a long weekend, just make sure it isn’t a false economy…

Home insurance premiums remain at record low

The cost of the average combined buildings and contents insurance policy is at its lowest level in four years, the Association of British Insurers’ latest Home Insurance Premium tracker has revealed, with a typical policy currently costing just £309.

Secure your home before your holiday

Going on holiday is an exciting time, but in the midst of all that anticipation, it can be easy to neglect the home you’re leaving behind. That’s why M&S Bank is urging holidaymakers to properly secure their home against thieves before they jet off.