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Flooding Premiums set to rise in 2013

Posted on Wednesday, 19th December 2012 by
Shillingstone Floods

Flooding by MarilynJane

 The past few months have seen a huge downpour in rain resulting in villages across the county suffering from flooding which has resulted in disruption and damage to property.

 The majority of the flooding issues were a result of surface water flooding where the drainage mechanisms could not cope with the level of rainfall and as such localised flooding.

 It is a myth that a property at the top of a hill would not be at risk of flooding. This was demonstrated in a small village inDevonwas met with a nasty shock when their properties situated at the top of the hill were damaged by floodwater.

 When buying a property it is worth arranging for a flood report to take place to detail whether the property is at risk of flooding as this may significantly increase your insurance premiums, even more so when the Statement of Principles ends in July 2013.

 This agreement between the Association of British Insurers and the Government commits insurers to provide flood insurance for most homes where the risk of flooding is less than a 1 in 75 year event and where the property is already insured.

 The agreement is coming to an end to force the Government to put in place more flood defences to protect properties and to protect the insurance companies risk of paying for flood damage.

 Ultimately, this could result in thousand of properties being unable to obtain affordable insurance, impacting on property valuations and mortgage applications.

 It has never been more important to obtain a flood report during the conveyancing process and people looking to purchase a property may find the initial cost of a search invaluable.

Rebecca Gunn specialises in Employment law, Commercial Property & Residential Property and is a solicitor in our Leicester office.

 

 

 

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Rebecca Gunn - Residential Conveyancing
Rebecca Gunn - Residential Conveyancing
Rebecca.Gunn@ehlsolicitors.co.uk 0116 402 6688
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