The last few years have seen the amount of rainfall in the UK increase and in the past few months especially there have been horrific scenes of homes devastated and in some cases entire towns cut off for weeks at a time. It is with all of this in mind we take a look at why it is becoming hard to decrease flood insurance premiums in the UK.
Over the past 5 decades the UK has seen a massive boom in the need for housing as the population of the country has grown from around 36 million people to a massive 58 million people . This has put a massive strain on the need for affordable housing and many new estates with the expansion of towns have been built on flood planes!
A flood plane would have been the land that in times of heavy rain and swelling rivers would have flooded and offered some relief to the rivers during the flooding and the waters would have drained away. Unfortunately due to the fact that there are now properties and roads built on this land the water still floods but doesn’t drain away as easy.
This leaves behind it a great deal of devastation as the waters don’t only cause damage as they flood the properties but the mud and the disease that the waters can leave behind can make the properties uninhabitable for months to come. This is some of the reason that getting a decrease flood insurance premium is less likely than before.
There is also the gamble of flood insurance, if you get flood insurance included in your policy then you are likely to get an increase on the cost, however you will in the next few years see an increase in the price of home and content insurance as the insurance companies continue to regain the money that it will be costing them (an estimated 3 Billion Pounds) to put right the issues that the current floods have caused.
Can you expect to see a decrease flood insurance premium over the next few years, probably not, as the climate continues to change and the unexpected weather conditions get worse and more unpredictable then the cost will more than likely rise but is it worth not getting the insurance? Personally I think you would be mad not to protect your home and belongings.