While certain areas are affected more than others, for example those near the coast, it is important that you check that you have adequate protection against the ramifications of a flood. A recent survey showed that more than half of British people were inadequately covered against flooding. In 2006, 52% of people who were affected by floods found that they weren’t covered.
This having been said, those who live in high risk areas will of course have to pay a higher premium than those who live in a low risk area. You are considered to be in a high risk area if there is a greater than 1 in 75 chance and a low area if the risk is 1 in 200. This data is used by insurance companies and is taken from a flood map which was originally devised by the Environmental Agency. While those in the low and medium risk areas should be able to get flood insurance for a price, those who are considered to be in the top risk bracket could find it next to impossible to get flood insurance.
Homeowners who are at risk are of course expected to take every possible step towards minimizing flooding themselves. Special products can be bought to help minimize the risk and you could be asked to purchase these before a company will accept your application.
As with any type of insurance, it is essential for you to shop around as premiums can vary from company to company particularly if you are in a higher risk area. Shopping online and visiting a specialist brokerage will enable you to get as many quotes as possible for insurance which includes flood damage and you should always make sure what you are and are not covered for.
While you may not be at high risk of flood, some companies that use zip codes to asses the risk could deem that you are high risk and unfairly you might have to pay over the odds. However by shopping around you can access a company that uses a different method for assessing the risk and so get a lower price premium.