Flood Alert Home Insurance.

Friday, October 15, 2010

Flood Alert Home Insurance.

The Royal Institution of Chartered Surveyors warns that if you can not get insurance for your home, you are in big trouble. Lenders are not suitable for houses that are not insurable and therefore their value fall by up to 80%.

This is a high risk of flooding is more likely that your house is not insurable.
According to a recent survey, 6.5 million households are at risk of flooding, of which 1.5 million are in areas with high risk. The government completed defenses against floods in many areas such as protection and a further 80,000 households this year. But the concern about another 120 000 new units for the Thames Gateway, which expressed potentially planned a big "risk" zone. However, many areas remain at risk. And if the warming continues in 2030, 1.5 million setae could be 3.5 million. In 2003, the United Association of British Insurers (ABI) the principles that British insurers have agreed for house insurance provides property in areas which are at risk of flooding once seen in seventy five years or more. The pilot was that the defense against flooding already under way or completed in late 2007 had.

are the Ministry of Environment, Food and Rural Affairs (DEFRA) is responsible for the development and maintenance of these defense mechanisms against floods, but in the insurance industry there are those who are concerned that insufficient progress has been made. Therefore, the insurer, the government can not be generalized decline insurance if the accelerated progress have been warned.

For now, they may be threatened by rising tides in areas find their insurance premiums. While the insurance industry has agreed to provide insurance coverage, their commitment was simply to keep the premiums at a level "reasonable." But there was no definition of what "reasonable". Following the increase in premiums of 60% was spread with a 400% increase in under-served areas. In a few cases, the cover is removed completely, especially in rural areas where DEFRA estimates the cost to defend a small group of houses at low cost.

Environmentalists warn that if DEFRA is skating to increase the UK's current bill for flood damage of 950 million pounds per annum £ 3,200,000,000th After all, the insurance claim for flood damage in the average home £ 30,000 - which is still higher than fire damage. And very localized, such as floods can cost in 2004 in Boscastle, Cornwall, insurers more than 15,000,000 pounds.

If you have any doubt, whether at home or proposed is located in a flood risk have, you should visit www.environment-agency.gov.uk. This is the DEFRA website where you post, if your house is in danger of flooding may think. His maps were originally developed for the planning and information on a code base designed to provide.

Although many insurance companies use information DEFRA, other than their own flood maps. These houses are not individually reviewed and zip code areas. That is, if your existing insurance premium increases the risk of flooding and uses information from DEFRA, may still be able to get a better offer from an insurer in order to use their own data when the avalanche of data that your property is identified by the " at risk "zone.

The ABI has recently admitted to speed on pressure on DEFRA to build and upgrade defenses against flooding. He warned that if the government increases its spending on the protection against floods, the insurance industry can not continue its commitment in the spring of 2003.

That would be bad news for many homeowners.

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