INSURANCE ADVICE I INSURANCE INFORMATION Home Insurance And Flooding It is thought that over two million homes throughout the UK are at risk from flooding. This is due to many factors such as heavy rainfall or high tides due to bad weather, although flooding can also occur through other mishaps such as broken pipes. While certain areas are affected more than others, for example those near the coast, it is important that you check that you have adequate protection against the ramifications of a flood. A recent survey showed that more than half of British people were inadequately covered against flooding. In 2006, 52% of people who were affected by floods found that they weren’t covered. This having been said, those who live in high risk areas will of course have to pay a higher premium than those who live in a low risk area. You are considered to be in a high risk area if there is a greater than 1 in 75 chance and a low area if the risk is 1 in 200. This data is used by insurance companies and is taken from a flood map which was originally devised by the Environmental Agency. While those in the low and medium risk areas should be able to get flood insurance for a price, those who are considered to be in the top risk bracket could find it next to impossible to get flood insurance. Homeowners who are at risk are of course expected to take every possible step towards minimizing flooding themselves. Special products can be bought to help minimize the risk and you could be asked to purchase these before a company will accept your application. As with any type of insurance, it is essential for you to shop around as premiums can vary from company to company particularly if you are in a higher risk area. Shopping online and visiting a specialist brokerage will enable you to get as many quotes as possible for insurance which includes flood damage and you should always make sure what you are and are not covered for. While you may not be at high risk of flood, some companies that use postcodes to asses the risk could deem that you are high risk and unfairly you might have to pay over the odds. However by shopping around you can access a company that uses a different method for assessing the risk and so get a lower price premium. Launched in March 2003, BestDealInsurance are a completely independent specialist broker. They offer the full range of [http://www.bestdealinsurance.co.uk]household insurance from buildings and / or contents insurance to buy to let cover, ensuring that their clients have the protection they need, without leaving a hole in their pocket. Article Source: http://EzineArticles.com/?expert=Best_Deal_Insurance http://EzineArticles.com/?Home-Insurance-And-Flooding&id=516032
Homes at Risk of Flooding Could Be Banned by Insurers According to the head of Britain's Environment Agency, if homes built on flood plains against official advice, they should be refused insurance. This would then stamp out the threat of millions more flats and houses being erected in high-risk areas. Last year the rising risk of flooding to businesses and homes was dramatically highlighted when torrential rain caused 15 deaths and 3 billion pounds of damage. Following that disaster, an investigation by the Environment Agency had found that 5,000 locations of 'critical infrastructure' were at severe risk of flooding. In a separate report from the same Agency, officials warn that 'at the moment we are unable to provide meaningful warnings for imminent sewerage or surface water flooding' - and that was the problem which caused most of last years chaos. As weather forecasters predict an increase in flooding as a result of climate change, the Environment Agency's chief executive has called on insurers to refuse to insure new properties where the local authority has given the go-ahead to build against the Agency's advice. Last year in such circumstances, 13 large developments, including housing estates and a holiday park, were awarded planning permission. The Agency's proposals would also affect the Government plans for 3 million new homes. Experts predict that up to one third of these could be built on flood plains. Many of the homes flooded last year were built on flood plains between 1960 and 1980. 'We would like the insurers to be tougher and simply refuse to insure properties built on the flood plain against our advice', said the Agency's spokesperson. In June 2006 officials from the Department for Environment, Food and Rural Affairs admitted that flood defences were 'severely rationed' and good schemes were being routinely turned down. Since 2004 there have also been 6 other major safety scares at dams, before the emergency at Ulley dam in Yorkshire last year when cracks appeared when the floods were at their height. During the same period, owners of 40 additional dams have been threatened with legal action over safety issues. After the floods, the Department for Environment, Food and Rural Affairs said annual flood defence funding would rise from £600m to £800m, but not until 2010-11. Now that the economic recession has really bitten, we can expect significant delays in that expenditure. The Association of British Insurers said : 'When dealing with huge number of claims some problems may arise. Insurers try to resolve these as quickly as possible. The industry has pledged to continue to offer flood insurance to all existing customers, providing there are adequate flood defences in place. For new customers individual insurers will decide if they are able to offer flood cover.' The following numbers show 6 worst areas and the numbers in each location of properties at 'significant risk' - a once in 100 years (or 1 per cent in any given year) chance of flooding: 8,106 Runnymede, Surrey Michael Challiner is the editor at Brokers Online. Brokers Online line is a terrific financial web site dealing in [http://www.life-assurance-bureau.co.uk]Life Insurance, Loans, [http://www.life-assurance-bureau.co.uk/home-and-contents/]Home Insurance, Mortgages and many more financial products. Article Source: http://EzineArticles.com/?expert=Michael_Challiner http://EzineArticles.com/?Homes-at-Risk-of-Flooding-Could-Be-Banned-by-Insurers&id=2394207
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