Future Climate Info on board with ABI’s flood suggestions
A recent survey conducted for the Association of British Insurers (ABI) reported that only 28% of homebuyers check the risk of flooding for the property and surrounding area.
With 1 in 6 properties in England and Wales estimated to be at risk of flooding from either river, sea or surface water, the ABI has released a statement urging estate agents and property websites to provide flood risk information early on. ABI suggest a simple traffic light rating system, issuing red, amber or green warnings on property listings to encourage prospective homebuyers to consider the danger of living in a flood-prone zone.
After last winter’s devastating floods and around £1.3bn being paid out from insurance companies due to flood damage claims, there is an even greater need for owners to be aware of the risks associated with homes near flood areas. James Dalton, Director of General Insurance Policy at the ABI highlights that “flooding is a growing threat that as a nation we have to adapt to living with”.
ABI’s suggested traffic light ratings would not directly affect the cost of insuring the property but instead act as a prompt for potential buyers to seek further information on flood risks. This then emphasises the importance of carefully choosing and carrying out the right flood risk assessments so homebuyers can have the correct protection measures in place.
With FCI, regardless of whether you choose an essential, standard or premium report, you will be provided with a full flood report and a professional opinion on each section. The right report will analyse the latest data sets to provide an evaluation of the risk to a property, as well as notifying the buyer of the extent of the risk and if further actions are required.
Read the full ABI article here.