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Homeowners warned to check flood risk
The news that thousands of homeowners could find it hard to get home insurance because their property is in a flood risk area highlights the need for professional help when moving home.
That’s the view of Anne Rawlings from solicitors Roythornes, who said that whilst all conveyancers should be asking the sellers of properties about flood problems, people buying a home should double check they have done so.
“It’s becoming more of an issue as technology can now forecast with some accuracy which homes could be liable to flooding. Virtually all mortgage lenders specify that any property they loan money on has to be insured against flooding and if homebuyers cannot get that insurance, they could be losing out on obtaining a mortgage."
Anne went on to say that the insurance industry is looking to the Government to try to put in place ‘safety net’ schemes which will allow homeowners in high risk areas to obtain insurance at a reasonable cost.
“It is often a case of balancing the cost of flood protection measures against the cost of additional insurance, but if no solution is found it will make it very difficult for homeowners in these regions to ever move."