Always carry out Flood Investigation says Legal Firm

Owners of homes at risk of flooding are frequently  refused flood insurance or if accepted it will be with huge annual increased costs and probable total inability to sell; they also invariably suffer with long term anxiety and other health problems.

Numerous flooded home owners have realised that if flood insurance is refused or set at an exceptionally high price their home cannot be sold because a mortgage will not be available for it.

It is known that as a result of flooding both at the time of the flood and afterwards: flooding can lead to long term anxiety and health problems as well as the obvious disruption to normal life and the cost and worry of the financial cost which may include inability to sell the property as a result of flooding.

Many insurers have access to sophisticated data on the risk to properties, both commercial and residential, from river flooding, coastal flooding, surface water flooding and even groundwater flooding.

For properties at particular risk, the insurer may set a higher cost (premium or excess) or to refuse insurance cover.

Increased risk that mortgage finance secured on the property will be more difficult to obtain, or more expensive, because flood risk is higher and/or insurance against it is not readily available. This may drastically reduce the property value and/or ease of sale.

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Practical Law Property would like to thank Argyll Environmental for their assistance in producing the original version of this practice note.

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