The Real Cost of Insurance in Flood Risk Areas

By Ronny Lavie 9th February 2014

From the end of last year Britain has been hit by devastating floods, with rivers all over the country bursting their banks, and enormous waves hitting shores in the worst tidal surge in 60 years:

source: kliksphilip on youtube.com

Many farmers and business owners have seen their businesses suffer greatly through the effects of the floods, and is it doubtful they will be able to return to a fully operational state.

It is believed the cost of clearing up the mess once the water subsides can hit £1bn, including a £500m bill for the insurance industry, which will no doubt be inundated with claims.

That said, the government's plans for affordable flood insurance have received extensive criticism for excluding thousands of homes and businesses by enforcing restrictions, such as leasehold and private rented properties not qualifying for the scheme, as well as more expensive homes. This is likely to exclude thousands of homes in the worst hit areas, particularly around the Thames:

source: The Telegraph

In Somerset, residents have been dealing with over a months of heavy flooding, and, with more rain and snow forecast for much of the country, there is no relief in sight. The government has been slow in responding to the crisis, which has added to the criticism from those affected:

source: BBC News

Until a viable solution can be found, owners of homes and businesses are advised to do their own research into the options that exist for them. We believe the best way to revolutionise the insurance industry is by using collective buying power, and demanding a better deal from insurers. By joining our House Insurance in Flood Risk Areas, you can add your voice to the cause and get all the information you need about the best insurance premiums for your property.

We wish all those affected by the floods all the best as they try to overcome the damage.