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What Is Flood Insurance?

Bags on a flood showing What Is Flood Insurance
29 April 2017

By UKinsuranceNET In Insurance Advice

If your home is situated in an area known to be at risk from flooding, or it has suffered the effects of flooding in the past, you may find it difficult to arrange fully comprehensive home insurance.

The obstacles you might encounter include:

  • an insurer rejecting your application for cover;
  • a significant increase in the cost of your premiums / policy excess (the excess is the first part you are liable to pay in the event of a successful claim); or
  • terms and conditions which exclude cover for flood damage and loss to your property.

Flood Insurance

But you still need to protect your home against the considerable loss and damage that might be caused by flooding.

The answer is specialist flood insurance – available from an experienced provider such as ourselves here at UKinsuranceNET – which is also designed to meet your quest for cheap flood insurance.

If you are looking for a flood insurance quote, therefore, you might want to make us one of your first ports of call.

Flood Re

One of the ways we have been able to combat the average cost for flood insurance is to take advantage of the financial backing and support for flood insurance given by the joint government and insurance industry initiative called Flood Re.

Just as the name suggests, Flood Re is a re-insurance scheme – which insurers may use to insure their own risk in providing cover against flooding. With that element of protection, participating insurers are given the confidence to lower the cost of flood insurance for their customers.

As the insured, therefore, you have no contact with Flood Re, but continue to do all your business – including the submission of any flood claim you might need to make – directly with your own insurer. In short, you won’t even know that Flood Re is there, behind the scenes, helping to reduce your flood insurance costs.

Assessing The Risks

If you are worried about the likelihood of your home being flooded, you naturally want to know the risks – and this is something you are more than ever likely to do before buying a new home or holiday home.

In a newly created website, the Environment Agency lets you search the whole of the UK for areas vulnerable to long-term flood risks – simply enter a postcode, and the number of the street, and the interactive site tells you the level of risk, from high, medium, low to very low. You may even view the selected area and its relevant levels of flood risk on the agency’s fully and scalable map, which highlights the risks of particular areas of the country to flooding from either rivers or the sea.

The Environment Agency’s service is also able to tell you:

  • the likelihood of the area suffering flooding in the future;
  • the factors contributing to or causing any likely flooding; and
  • where you are able to find out more about protecting your home against flood risks.

With a clearer understanding of the risks your home might face and the competitively priced flood insurance policies we are able to offer at UKinsuranceNET, you may rest assured that your property – whether your main place of residence or a holiday home – has the necessary safeguards in place.

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