Floody hell!!

Over half of all homeowners (23.9 million people) made no checks to discover whether or not their current house was situated in a high-risk flood area before moving in, while 6.2 million people still do not know if their home is at risk.

The survey from Abbey Insurance highlights a worrying trend that suggests that homeowners are oblivious to the potential threat of flooding facing them and their homes. Indeed, for 253,000 people the first they knew they were living in a high-risk area was when they got flooded.

Tony Beckwith, Abbey Insurance said: "The concern is that so many people are still unaware of the potential risk they might be facing. 6 million people assumed they would have been told before they moved into the house if it was at risk, but actually the responsibility lies with the person buying the house to find out. Maybe the introduction of Home Information Packs could have been more helpful by highlighting homes that have a history of flooding.“

“It is interesting that the UK is the only country in Europe where the insurance industry is responsible for repairing property after major floods. In other countries there is a tax on insurance premiums that covers this type of event.”

The research shows that 39.9 million adults say they would be put-off buying a home if it was located on a flood plain or in a high flood risk area. Indeed one in five people (22 per cent) who have previously lived in this kind of area have had trouble when it came to selling their home because of the flood threat.

This becomes a bigger problem for the 710,000 homeowners that have seen their home been re-designated into a high-risk area since they moved in, as they now may face problems if they decide to sell.

Further research from Abbey Insurance also shows that each year, an average of 257,000 of all home insurance claims are declined as a result of the policyholder not having the appropriate home insurance cover.

Abbey, whose ‘Peace of Mind’ home insurance has been awarded a five star rating by Defaqto(4) for the third year in a row, is warning people to ensure they have the appropriate cover for their homes. This is the third year running that Abbey has been awarded a five star rating by Defaqto, making it one of only five providers to have achieved this honour.