Many people feel that flood Insurance is for homes that are located near the coast or by large lakes or rivers. Nothing can be further from the truth!
“BUT I DON’T LIVE IN A FLOOD AREA”
Extreme weather can and will happen. Floods and flash floods can occur all over the country. Storms are one of the most severe natural events that will drive destructive flood waters into your home, but they are far from the only danger. Torrential rains, clogged sewer drains, soaked grounds and snow melt will contribute to catastrophic flood emergencies.
There have been several “Local Emergency Declarations” in the past several months and years and things seem to be getting worse, from Tornados in Birmingham and severe localised flooding are becoming more common. We will probably see more of these events happening over and over again but (fingers crossed) we hope to avoid these, but that does not mean there aren’t other potential flood dangers facing us here in the UK.
What is the real danger? The danger I’m talking about is not carrying a flood insurance policy. Even one inch of water in your home could cost you thousands of pounds in damages.
So how does it work?
More and more homes & businesses are being exposed to flood risks and you don't need to be in a flood area to be exposed to this type of claim. The ground is saturated and the water no longer follows the usual run off's. But there is one thing water does time and time again, it finds the route of least resistance. That I'am sorry to say, could be right through the middle of your house. You don't live near a stream or river or any water, you are not even in low lying land. It could be that drains were blocked, just simply over whelmed with the volume of water and the debris backed the flow up and you caught the back wash so to speak.
Fortunately, most home insurance policies will include flood perils in the policy, but what happens after the flood and the house has been fixed. The Insurers will still have to offer you cover for the renewal of your policy, but they may apply a substantially increased premiums and a higher policy excess for any further flood damage. You may feel that you want to shop around, this is fine but the number of insurers offering household insurance cover, following a flood is limited, hence the competion for your business is limited and getting cheap insurance is usually non-existent.
A word of caution here, if you allow your policy to lapse with your insurers, they will no longer be obliged to offer any cover if you return to them for a quotation, later. They are only obliged to offer terms to existing policyholders and as you allowed the policy to lapse you would no longer be regarded as a policyholder, but a new client, despite being insured with them previously.
Don't change insurers without first going over the full implications of the cover on offer from another insurer. At Crosby Insurance Brokers we deal with specialist Flood Insurance Companies who know this market well and we can help you make an informed decision about the premiums to pay, excesses that will apply and the most important element making sure you have the right perils in place on your policy including of course flood perils.
There is a huge amount to consider and I hope that the information provided here has helped you to gain a greater understanding of flood insurance and how important it is. We routinely talk to our customers and friends about this subject and the changes that continue to occur on a regular basis. We are passionate about this subject because of all the situations we have seen during our long experience working here in the North East England region. The problem it seems to be getting worse and the damage, disruption and lost incomes caused to many homeowners & businesses can be catastrophic. That's why it is so important to us that you have the best protection possible.
The good news is that this product is easily available and the trained professionals at Crosby Insurance Brokers can make it affordable for you! Check out the Insurance Quotes section on our website today to find out more and obtain a hassle-free quote from our Flood Insurance Experts.