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Flood Insurance Plan Leaves Rental Properties Unprotected

Flood Insurance Plan Leaves Rental Properties Unprotected

New Flood Insurance Plan Leaves Private Rental Sector Properties Unprotected

The ill timed Government announcement over the changes to flood insurance does little to reassure property owners and landlords about flood insurance price rises as huge swathes of the country remain flooded after the winter storms.

The Government has finally reached a deal with the Association of British Insurers (ABI) to replace the ‘Statement of Principles’ agreement of the Water Bill, that was originally due to expire on 31st July 2013, under which insurers offered affordable flood insurance coverage to a majority of households in return for the Government maintaining spending on UK flood defences.

The British Property Federation (BPF) reported that an alliance of property industry leaders and the Council of Mortgage Lenders (CML) had huge concerns about the new plan, called Flood Re.

A number of organisations have already called for urgent amendments to the Water Bill, after it emerged that a significant number of properties that had been expected to be included within Flood Re, would instead be excluded.

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Landlords and Property Owners Urged To Be On Flood Alert

Landlords and Property Owners Urged To Be On Flood Alert

Dont Be Complacent About Flood Risks

There has been a great deal of increased flooding across many parts of the UK in recent years and this has lead to an ongoing stand-off between the current coalition Government and the Association Of British Insurers (ABI) regarding flood insurance.

Private rental sector (PRS) landlords and private residential homeowners need to be more alert to the flood risks posed by rivers and an over-stressed sewerage system, and they should have adequate buildings and contents insurance in place to protect their property assets and personal possessions from flood damage.

However, a significant cause of property flooding appears to have been ignored…

Sewer flooding occurs when a main sewage system’s capacity is inadequate and strained due to flash flooding, collapsing drains or as a result of blockages caused by the inappropriate disposal of everyday waste, most notably toiletries and kitchen waste. As a result, surcharging sewers can occur at manholes or even within properties, through the unpleasant scenario of back flowing toilets.

Mark Taylor, Environmental Consultant at risk management consultancy, Argyll Environmental said: “Sewer flooding doesn’t typically attract the media attention evident in press coverage of washed out homes across the country earlier this year but its impact can be equally devastating to property owners.”

Typical damage caused by overwhelmed sewers include land and properties being flooded with water contaminated with raw sewage, an issue that alongside being horrific to clean up poses significant health concerns.

While many insurance companies will typically cover the cost of any flood damage and the clean-up, there are also preventative measures that can be taken by all property owners to reduce the risk of internal flooding.

Landlords and private residential home owners living in older properties in areas with antiquated sewer systems which combine both foul and storm water should consider taking preventative action.

To alleviate the risk of sewer flooding to properties, non-return valves can be fitted to sewage pipes. These are relatively inexpensive and easy to fit.

Non-return valves eliminate the backflow that cause up to 50% of all flood damage and also prevent other unwanted visitors such as rats from entering property from the sewers.

Equally, effective are watertight UPVC doors. Alongside reducing the risk of water and waste entering the property through external flooding, these are easy to clean and maintain, reducing the scale of damage if a flood occurs.

It is the responsibility of landlords, home owners, property investors and developers to find out who exactly is responsible for maintaining the sewage and drainage systems surrounding their properties and that adequate insurance is in place for sewers that are located within a property’s boundary.

Don’t Run the risk – Check Your Insurance Now!

 

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