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There are, approximately, 5 million
people, living in 2 million properties (England and Wales) that are deemed
to be in flood risk areas.
If you have been flooded....or if you just happen to reside in a
so-called "high risk flood area"....then you might find Insuring your house
(to include the flood risk) very difficult indeed.
History suggests that reports of flooding are now, on average, nearly twice
as frequent as they were one hundred years ago.
Insurance companies, as they do with subsidence impaired properties, will
begin underwriting by the postcodes. This could mean bad news for sellers.
If a buyer can't obtain full perils Household Insurance (i.e. to include the
peril of flood) then he or she will find it very difficult to obtain a mortgage (because lenders
normally require full terms Household Insurance before advancing monies).
The same problems in obtaining full perils insurance will
apply when a house has been flooded.....and this fact is declared on the
Proposal Form. Claims history is very important to an Insurance company when
considering underwriting a risk. Flooding can blight whole areas. To offset
this we will attempt to underwrite as many properties as possible on an
individual case-by-case basis. Our
methodology is simple....we will inspect every risk - and if we believe that
the Local Authority, Government, Environment Agency or River Authority....or
even the Householders themselves - have carried out sufficient "defensive"
work to reduce the impact of flooding we will insure the property.
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