| The floods experienced by large parts of the UK | | | | viewing the property? |
| earlier in the year will have left in their wake much | | | | Then there is the issue of re-occurring floods: without |
| damage, both in a structural and psychological sense. | | | | insurance how will property owners find the money to |
| For some, the best coping method is to consign the | | | | pay for repair? News that insurers may have to |
| whole event to the darkest recesses of the mind and | | | | increase the cost of their policies to factor in losses |
| make a fresh start by claiming through a home | | | | from flooding has heightened the fears of the public still |
| insurance policy. | | | | further. |
| That's if you were one of those lucky enough to have | | | | It appears that as a country we are simply |
| an active policy at the time of the flooding. | | | | under-resourced in the area of flood protection. The |
| Unfortunately, buildings and contents cover is not | | | | figure of £2.15bn promised by environmental |
| mandatory and many homeowners in the UK do not | | | | secretary Alistair Darling over the next three years |
| have any protection in place. | | | | was not enough before the flood crisis and is certainly |
| Mortgage lenders can insist on buildings cover being in | | | | not enough now according to the Association of British |
| place on the property before they will release the | | | | Insurers (ABI), the industry trade body. |
| funds to purchase it. Those who would otherwise not | | | | Stephen Haddrill, the director general of ABI, was |
| have considered it will no doubt now be glad they | | | | recently quoted as saying that the government had |
| were effectively coerced into it. | | | | not committed enough money to fund new and |
| As I'm sure you can imagine, the damage caused | | | | existing flood defences. This meant a major increase |
| during the flooding and the resulting repair bill was huge. | | | | in spending would be needed if we are to solve the |
| In fact the final figure is said to stand somewhere | | | | increasing problem of flooding in the UK. |
| between £2bn and £3bn. | | | | In perhaps a sign of things to come the Environment |
| The problem now faced by some homeowners is | | | | Agency last month announced it would no longer be |
| effectively a postcode lottery on their home insurance | | | | maintaining defences at the Blyth Estuary in Suffolk as |
| policy. Those living in areas prone to flooding, so-called | | | | it felt the cost of repairing them outweighed the benefit |
| "flood plains", could find insurers unwilling to cover their | | | | received. |
| property for flood damage under standard buildings | | | | This only goes to show that a house insurance policy |
| cover protection. | | | | that provides flood cover is invaluable at this time and |
| This has left homeowners worrying what will happen if | | | | if you have no cover in place you should certainly |
| they try to sell their homes in order to move to an | | | | consider it, whether you live in an area prone to |
| area with less risk of flooding. Will property prices fall in | | | | flooding or not. |
| these areas? Will prospective buyers be put off | | | | |