Facts You Must Know About Flood Insurance
John Paige
The flood insurance premiums that people pay today are affected mainly by to the location in which they stay. The people who are living near high-risk areas of flood pay higher premiums than those living near the low-risk areas. The difference in payment of those living in high-risk areas and low-risk varies from 20 to 30 in the premium.
In the United Kingdom, more than two million properties are located in flood risk areas. When you seek the services of a flood insurance provider, they have their own maps to determine if you live in a low-risk area. Although your insurance plan should pay for all flood damage, your insurance provider also expects you to take necessary precautions to protect your properties in case of a flood, too.
If you live in a flood plain, expect your premiums to be higher and an expensive burden. Some insurance providers may even refuse flood cover on people in high-risk areas. You can not expect insurance providers to give you a policy when your house is a on a flood path and you get hit by floods often. It would be suicide on their part, unless you want to pay a high premium.
In this case the provider will consult a surveyor and take his report before giving you a policy. If they just inducted everyone, then they would need to increase the premium for all the members in order to provide regular cover for the people in the high-risk areas.
A report done in 2004 estimated that by the end of the century, flood damage will have increased twenty fold. This is a result of global climate change and is a threat to the entire world, not only the United Kingom.
Even though the floods can not be stopped, we can protect our homes and properties against it. In order to make it easy, the Association of British Insurers (ABI) has worked out a list of tips to protect ourselves against floods. One of the tips advises to replace the concrete floorings with wood and cover it with tiles. In the same way, the bathroom, kitchen, and chipboard units are to be replaced with their plastic counterparts.
In the same vein,gypsum plaster could be replaced with lime plaster or cement, which is more water resistant. You can also reconstruct the electric points of your boilers, service meters, and other electric appliances above the expected flood level. Construction of one-way valves to the drainage pipes will ensure that sewage won't return to the house and further prevents flooding.
In closing, the most important thing to remember is that if you are moving your home or buying a new property, you should always check to see if it is located in a high flood area. This information is located everywhere, from the internet to government sites and offices. If you fail to do this, you must understand that your future insurance company will not, and you will pay quite a price simply for failing to do a little research.
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