Flooding

[UncleEbenezer]

Went to view a house. Liked it, thinking about making an offer.

Major attraction: the riverside location. But doing my homework, the Environment agency and other maps show it as being at risk of flooding. But no indication whether that's the river itself - which would have to rise several metres to top the wall meaning it was in powerful spate - or a risk of the road in front of the house failing to drain.

I'd like to make an offer, provided I can confirm it's insurable. That then begs the question: in making an offer, I'll want to reflect the flood risk (and likely difficulty of reselling) in that offer. Anyone been through this? By how much should the no-risk price be reduced to reflect such a risk?

[Slarti]

As the vendor if they've got flood cover insurance and who with?

The Environment Agency map is quite good, but not what some companies go on. I've been turned down because of my postcode - "We don't cover that postcode because of flood risk." there has never been any flooding in my postcode - and also for proximity to the tidal river, less than a mile, though I don't think there was even a problem in the surge of 1953.

I think if a company is already covering the property that can't refuse to carry on. I'm sure I was once told that.

Slarti

[PinkDalek]

… I'd like to make an offer, provided I can confirm it's insurable. That then begs the question: in making an offer, I'll want to reflect the flood risk (and likely difficulty of reselling) in that offer. Anyone been through this? By how much should the no-risk price be reduced to reflect such a risk?

Not the same circumstances but we were hit with a massive hike (doubled I think) in the quoted insurance premium, as the property concerned was to be ceded to Flood Re to cover the flood risk element. The previous year the insurers had absorbed the Flood Re additional premium. Our brokers therefore got a quote from elsewhere, on a named perils only basis, such that the overall premium was more manageable.

Can you get hold of the current owners' insurance policy, to see what it says?


Btw, any reason you haven't asked at Property Investment Discussions - Covering Market, Trends, and Practical?

[UncleEbenezer]

Thanks both for the replies. I definitely want to pursue this: right now I'm trying to figure out exactly what to ask, bearing in mind that the agent will try hard to deflect anything where a straight answer would fail to reassure.

Btw, any reason you haven't asked at Property Investment Discussions - Covering Market, Trends, and Practical?

This is about a home. I find the term "investment" distasteful in the context!

[PinkDalek]

Btw, any reason you haven't asked at Property Investment Discussions - Covering Market, Trends, and Practical?

This is about a home. I find the term "investment" distasteful in the context!

What if the word "Investment" was deleted over there? One to vent at the Biscuit Bar?

[wheypat]

I have a friend in Wales who live about 30 metres from the Conway. He cannot get flood insurance, his home policy explicitly excludes flooding. BTW, he lives 30 metres horizontally, but about 70 metres vertically. Be careful - see if you can get quotes prior to completing.

[swill453]

I have a friend in Wales who live about 30 metres from the Conway. He cannot get flood insurance, his home policy explicitly excludes flooding. BTW, he lives 30 metres horizontally, but about 70 metres vertically. Be careful - see if you can get quotes prior to completing.

Well if he's that far below the level of the water, the flood risk must be huge.

Scott.

[redsturgeon]

I have a friend in Wales who live about 30 metres from the Conway. He cannot get flood insurance, his home policy explicitly excludes flooding. BTW, he lives 30 metres horizontally, but about 70 metres vertically. Be careful - see if you can get quotes prior to completing.

Seems to me that he does not need flood insurance then...what's the problem?

John

[wheypat]

I have a friend in Wales who live about 30 metres from the Conway. He cannot get flood insurance, his home policy explicitly excludes flooding. BTW, he lives 30 metres horizontally, but about 70 metres vertically. Be careful - see if you can get quotes prior to completing.

Seems to me that he does not need flood insurance then...what's the problem?

John

There isn't for my friend, he just likes to mention it to show insurance company logic. You are within xyz metres of a water source, hence we cannot insure you. I wouldn't like the OP who sounds like they have a real concern fall into the same bracket.

[Itsallaguess]

I often wonder what the insurance premiums are on for these homes in Austria -

http://images.china.cn/attachement/jpg/ ... d20b3b.jpg

Not sure I'd get many good night's sleep if I lived in that road, and as for walking the dog!!

Cheers,

Itsallaguess

[dionaeamuscipula]

I have a friend in Wales who live about 30 metres from the Conway. He cannot get flood insurance, his home policy explicitly excludes flooding. BTW, he lives 30 metres horizontally, but about 70 metres vertically. Be careful - see if you can get quotes prior to completing.

Seems to me that he does not need flood insurance then...what's the problem?

John

I have been flooded on the fourth floor of what is now one of the most exclusive buildings in London. The building manager was very impressed that I turned up properly dressed - I'd already suffered an earlier flood in a different building. The now-exclusive building is several miles away from the nearest significant ground level water source. And my home was flooded despite being on the top of a hill, again, several miles from the nearest significant ground level water source. All of these in England. My sister has been flooded on the 16th floor of a tower block, but that was overseas.

So you can get flooded anywhere (nearly).

DM