Insurance for flood victims at risk

Insurance for flood victims at risk

The breakdown of negotiations between the Government and the Insurance industry over the provision of home insurance to potential flood victims is worrying for the owners of an estimated 200000 homes considered as high flood risk. The current “statement of principles” for insurers to renew building and contents policies for these homes expires next July. Thereafter without a new agreement in place it may be impossible or prohibitively expensive to renew insurance. Many homes in my own village fall into this category although thankfully it would take a flood of biblical proportions to affect me directly. Even so without an agreement I suspect my premiums may rocket.
As all mortgage lenders require homeowners to insure their properties as a condition of their loan, breaching these terms and conditions raises the prospect of defaults that may force homeowners to sell up. Without the certainty of getting insurance selling would be near impossible and as mortgage lenders would be in the same boat if they repossessed a solution has to be found.

I think a deal of some sorts will be done and quite possibly involve Mortgage lenders who already sell home insurance to their own customers.
Flash Flood
I was struck by the accounts of victims of the recent heavy rains and flooding who cited the greatest loss as being treasured family memento’s and irreplaceable personal effects often of no great intrinsic value rather than the furnishing and bricks and mortar damage.
As you would expect we supply a huge range of water resistant home security safes and security boxes that will safeguard possessions against flooding. I would personally recommend the Phoenix Water Resistant Fire Chest as one of the best value all-rounders for home use. It has a roomy 3 ½” deep interior space that can take loads of A4 documents, photographs, jewellery, even laptops and tablets. It will withstand total immersion in water, has a fire resistance rating of 30 minutes, quality security combination lock, solid carry handle and high impact resistant casing all for under £50. You can also take the chest with you if you are forced to evacuate which is not so easy to do with a fixed home security safe.
If you are denied insurance or are faced with a serious hike in premiums you won’t find comparison sites much help. Contact the British Insurance Association for details of specialist flood insurance providers. You can find them at biba.org.uk

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