The importance of securing home insurance, for any homeowner, cannot be overstated – but if your home is situated in an area that automatically places it at a higher risk of sustaining damage, then this need becomes even greater. For many people, home insurance represents some degree of financial protection against a worst case scenario that they will hopefully never be faced with; but if your home is based in a flood risk area, the likelihood of having to claim on your insurance is obviously greatly increased. Unfortunately this can often complicate this issue of actually securing such an insurance policy.
To start with, many of the major insurance providers are simply unwilling to even offer home insurance coverage to those with homes in flood risk areas – which means approximately five million people in Britain. Other firms do offer home insurance to people in this situation, but the level of the premiums is significantly higher than it would be for people in a less high risk area – to reflect the far greater likelihood of the company having to pay out on the policy.
Therefore, if your home is situated in such a location, it is advisable to do everything that you can to protect your home against flooding, as this is the best way to reduce the level of your insurance premiums. While insurance companies use maps and information supplied by the Environment Agency to determine the level of flood risk attached to your home, they will also take into account preventative measures that you have instigated. You can actually consult with your insurance provider over which products – such as flood defence systems – they recommend, as using products that are trusted by the insurance company is a better way to convince them that you are lowering the risk.
It is also possible to lower premiums if you are living in such an area, by looking around at various insurance providers, before choosing one – as not all companies use the same means to determine the level of flood risk in an area.