View all articles
Many parts of the country are still cleaning up from the damage left behind after one of the highest tides along the east coast in more than 50 years. Floodwater wrecked homes and damaged businesses in Lincolnshire, Yorkshire and the Humber, and East Anglia. Unfortunately, this type of incident is becoming increasingly common as the climate changes.
******Whoops! Looks like this is an old post that isn’t relevant any more :/ ******
******Visit the blog home page for the most up to date news. ******
Flood Insurance
Household insurance can help to pay for damage repairs, but homeowners living in a high-risk flood area may find it impossible to obtain insurance. Because of this the government has come to an agreement with the insurance companies so that people living in flood-affected areas can still find affordable insurance cover. But if you are a landlord, you may have a problem.
Flood Re Exclusion Zone
The government has had an agreement with insurers in place since 2000, but it has just been renegotiated and a new scheme known as ‘Flood Re’ is now in effect. Sadly for landlords of private rental homes, holiday let properties and HMOs, it appears they are exempt from the Government’s new Flood Re scheme. In order to be eligible for the scheme, the homeowner needs to be in residence at the property.
What Happens if Landlords Can’t Get Insurance?
Aside from the obvious problem of how to pay for damage caused in the event of floods or any other disaster, it is likely that you would be in breach of your mortgage terms and conditions if you fail to have valid insurance cover on the property.
