Flooding and Insurance

Large parts of England have been devastated by flooding and the insurance industry puts the cost of damage to business and homes at over a billion pounds.

What should I do if my home or business is flooded?
The advice from the insurance industry is as follows:
Contact your contents and building insurer as soon as possible. It is advisable to keep insurance documents in a waterproof plastic bag.

Your insurer will expect you to take reasonable steps to protect your property, such as using sandbags to hold back water, and moving any easily movable objects to safe haven (upstairs if you have an upstairs.) You should turn off your electricity and leave all mains equipment unplugged for safety.

What type of Insurance is ideal for flooding cover?
Ideally you should have already ensured that your contents insurance covers the full replacement cost of any items ruined, rather than their current market value.

TIPS ON COPING WITH FLOODING

1. Contact your insurer as soon as possible
2. Move personal property upstairs
3. Turn off electricity and other utilities
4. The cost of alternative business and residential accommodation may be covered by your insurer

Source: The Association of British Insurers

For insurance purposes, it is very important that you keep all damaged items for audit purposes. Most household insurance policies will cover the cost of alternative accommodation, if your property is uninhabitable.Similarly business interruption cover is something which a lot of businesses have, which will pay the cost of alternative accommodation.

Is much of the UK at risk of flooding?

The Department for Environment, Food & Rural Affairs (DEFRA) estimates that 10% of the land area of the UK, covering up to 2 million homes and 185,000 businesses, is in danger of flooding.