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I've just been sent a nice property in an area which is 'at risk'. The flat is in a block and on the ground floor. In reality it doesn't actually flood as this block is built high up, but as it is washed 'at risk' it is an issue. Anyone come by this before?
I think I'll just pass on it, as it would be
a - expensive for me or any tenant to get contents cover?
b - difficult for any prospective purchaser in the future to get any cover (landlord or home purchaser)?
I may be wrong...please enlighten me if there is a C or D...
p.s. I spoke with the insurance broker I use for liability and contents cover, and they wouldn't cover it....they said someone would but at a price.
Hi Adam,Flood risk is a consideration, so it would be a good idea to try and get a quote for the property.Our insurance partner Alan Boswell Group can assist with most flood risk properties.Give the team a call and I am sure that they can assist you and any potential tenants. The number to call is 01603 649736.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thank you for the reply. I'm calling them now, and will mention PT and see how it goes.
My bigger concern is when coming onto sell it - always think with the end in mind....
Very sensible approach about thinking of the exit.As long as the property can be insured, it will assist with an end sale, especially if there is not history of flooding.Many places in the UK are flood risk areas, but have never flooded.This may also assist you:Guide on protecting property at risk of floodFlood risk symbols may impact property values The main thing is you will want a discount from market value due to the higher risk.Please let us know if ABG can get you the insurance.
They can do the insurance required for letting it...now armed with that, plus the fact that it is in a flood area I'll speak to the agent.
Flood Re doesn't cover rental properties
Check with Aviva who have carried out the most extensive flood modelling
If they'll insure at reasonable cost then go for it.
If not forget it there are plenty of properties available not in flood risk areas.
There are many who cannot sell their now worthless properties due to flooding etc.
Don't end up being one of them!
Many places in the UK are flood risk areas, but have never flooded.
I have one such property. When the council first had to produce maps of flood risk areas they did so without actually surveying the areas. later they had proper surveys done starting with the highest risk areas, but they have never done such a survey for where my property is. The initial drawing included the area between two streams up to the main road. The road mine is one rises up from the main road about a foot then drops steeply about 20' past mine. If there is a risk it is the other side of the drop, but I still have to pay extra for insurance.
By coincidence I was looking into insurance for a property in a flood risk area today. I'd estimated that landlord's insurance on a 4-bed would be £400. My jaw almost hit the floor when I went onto a comparison site and the best quote was around £1,300. However, after digging deeper into more specialist insurers and actually calling, not just using the websites, I have been quoted around £335. Worth shopping around.
First company I spoke with gave me £2000...another no quote, online...no chance. Vanessa's recommendation, provided great advice and a good quote....
If considering purchasing a BTL propery in a flood area consideration needs to be given to responsibility towards the tenant in the event that the property is flooded.