?Currently, an estimated? that one in six properties in the Uk is within an area which is considered to be a flood risk..?? The Environmental? Agency data? on flood risk? show that out of these, 500,000 properties are located in areas that are considered as being a sizeable flood risk? (anticipated to rise to over 800,000 by 2035).?? The? two main reasons? for the rise in the areas regarded as being a flood risk area?? are? said to be? climate change and also the pressure on land use (particularly in the South East)? which means? that increasingly more new estates are now being built on flood plains- which are regarded as a major flood risk.
?Many householders are in for a rude awakening??
?The Statement of Principles
After horrendous floods in 2007,? the government came to an understanding with Insurance Providers, through the auspices of the Association of British Insurers (?ABI?),? whereby? the Insurance Companies agreed to continue to insure? properties in areas regarded as to be? flood risk areas? at ordinary market rate premiums and not make any rises in the premiums until 2013.?? To return the favour the government promised to? invest in strengthening flood defences in those flood risk areas.?? This was known as the ?Statement of Principals? and the intention was that the agreement could possibly be renewed in 2013.
According to the ABI, the promised government investment in flood defences? for? flood risk areas? has never materialised and in some cases the investment has been cut.??? If the government carries on along the same road there?s little or no chance that the Statement of Principals will be renewed.
What will this mean for your home if the area you live in is deemed to be a flood risk area?
If the Statement of Principles is not renewed by the ABI, around 200,000 homes? which are in flood risk areas ?could become uninsurable in just two years? time? whilst other home owners will face prohibitively expensive insurance premiums for merely sharing the same post code as the flood risk areas.
An uninsurable house is a house that?ll be extremely hard or else impossible to sell ? no mortgage company or bank will lend on it and if it can be sold, it?s going to sell for a price well below market value.
Currently there are indicators that insurance companies are already off-loading problem properties in flood risk areas or increasing the premiums and policy excesses.? Even today, certain Insurance Companies will not insure a home which is within 110 metres of water!?? The Home Or Property or the area doesn?t have to have had a past history of flooding in order for there to be difficulty in buying buildings insurance- it merely has to have been regarded as a flood risk area by the Environment Agency.?? An illustration is a dwelling which is eighty years old and has a fishing lake about 100 metres away behind.? Irrespective of there previously being no record of that area ever flooding ? 10% of insurance companies will not insure the home.
Presently there are people reporting that their house insurance has risen by two thirds? due to it being within an area considered to be a flood risk area, and they?re required to have excesses of around ?15,000 ? ?20,000.00
people in areas are deemed to be a flood risk area are beginning to struggle to find affordable insurance for their properties? and the situation will only get worse.
So, why do you have to be worried? ?
?Over the following two year period your buildings insurance policy is almost certainly going to increase greatly if you live in a area in danger of flooding- that is if you can aquire buildings insurance coverage at all!
If you cannot get buildings insurance ? you may not be able to sell your house and will as a result be unable to move or to remortgage or sell should you no longer be in a position to pay for the mortgage payments.? If you look to the value of your house to help keep you in old age ( and lots of people do), you may be in for a nasty suprise when you retire.
Source: http://thenasdaqstockexchange.com/2012/02/27/is-flood-risk-really-that-important/
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