Significant Percentage of UK Homeowners Unaware of Perils of Flooding, Despite Newly Launched Flood Re Scheme

Significant Percentage of UK Homeowners Unaware of Perils of Flooding, Despite Newly Launched Flood Re Scheme

- in Home Insurance, News

This week sees the official launch of the Flood Re scheme, which is envisaged will reduce the misery suffered by thousands of homeowners across the country threatened by the prospect of their properties being a specific risk of flooding.

This Government-supported initiative which seeks to collaborate with many of the UK’s leading home insurance policy providers will look to make insurance provisions and premiums that much more affordable for those people who live in recognised flood plains and has been rushed through in response to the devastation caused by last winter’s unprecedented levels of flooding which brought chaos and both emotional and financial hardship to many householders directly affected by the relentless deluge triggered by a succession of seasonal storms.

As a recap the much-trumpeted Flood Re scheme will essentially enable people residing in geographical areas identified as more susceptible to flooding to arrange more affordable home insurance policies, yet it seems that not everybody is aware of the initiative and moreover just how it can help those homeowners most at risk.

That’s according to www.moneyfacts.co.uk which has highlighted this perceived lack of awareness in the aftermath of a recent study undertaken by Admiral Insurance; the results of which pointed to some 67% of research respondents readily acknowledging that adverse weather conditions best illustrated by the winter storms will become an increasing issue in the foreseeable future. Conversely, and despite this admittance of how the weather can play such a drastic role, a figure of just 15% (or 1 in 7 of those polled) showed any signs of being concerned about the potential threat to their homes; seemingly unperturbed by the prospect of emotional and financial upheaval which would subsequently manifest should their property succumb to the elements.

Only 1 in 7 Householders Polled by Home Insurer Seemed Concerned About Consequences of Their Properties Being Exposed to Observed Flood Risks

Having gleamed further information and insights from those who participated, Admiral’s survey also found that 7% had experienced their home being flooded first-hand, with 21% of those affected confirming that it was arguably the damage to their furniture and carpets which proved the most distress, whilst 16% cited the emotional stress caused by their homes being flooded per se as the biggest bugbear.

Elsewhere the research threw up another alarming statistic, that being that a mere 1 in 7 of those asked for feedback were au fait with the Flood Re scheme; which of course means that large numbers of those property owners whose homes are situated in flood-prone areas could easily miss out on the benefits associated with its advent this Spring.

Home insurance experts suggest that if you’re of the understanding that your house could be located in an area which is deemed of being at high risk of floods, then the onset of the Flood Re initiative should be used as a pivotal juncture in which to start addressing the subject of home insurance policies; and the sourcing of a more competitively priced one than you’re perhaps currently paying.

Admiral’s spokesperson cited the underlying issue that stops many people shopping around for cheaper insurance, by implying what stats have recently alluded to. In light of Admiral’s findings, a spokesperson said; “Some people have been with the same insurer for many years paying very high premiums, often coupled with high excesses,” before going on to say; “If customers at the highest risk of flood are unsure if they can save money, then we’d encourage them to shop around.”

If you’re unsure whether or not your home is identified at being of risk at flooding, then there are a number of ways of establishing this. First and foremost the Environment Agency website has a dedicated portal for ascertaining just this, whilst further independent websites offer a similar service free of charge for concerned homeowners across the UK.

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