Flood damage escalating

4th March, 2010

Flood defences and the cost of insuring flood damaged homes is once again on the agenda. The Environment Agency has issued a recent report stating that during the bad floods of 2007; more than 40,000 homes were affected. The cost of each home’s flood damage was, on average, £3,000.Business premises also saw an increase in the cost of flood damage and the average cost for business owners was in the region of £112,000 paid out to ensure the business was able to continue trading.

The overall cost to insurers for damage caused to property is far higher than that caused by fire or burglary. A recent government survey found that of almost 2,000 people questioned, only 6 per cent of households had taken any steps to prepare for flooding although more than 80 per cent of people had taken some steps to guard against fires and more than 50 per cent had put in measures to secure their premises against theft.

The Environment Agency has urged people to go on to their website to see if they are at risk of flooding and sign up to its free flood warning advice. People should check whether their insurance includes flood damage cover and find out how to make their homes more resilient against flooding. The increased risk of flooding means that one in every six homes is currently vulnerable to flood damage in the future.

 

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