The rising need for flood cover

A “road closed” sign on a flooded street

The past few years have seen a greater focus on how global climate change is affecting our way of life. From hotter and drier summers to colder and wetter winters, the impact of human activity on the planet is visible all around us.

In the past few years, the latter problem has posed the biggest issue for landlords, as flooding has become increasingly common in the autumn and winter months.

As you may remember, the south of the UK struggled with several major flash floods in 2021. According to a report published in the Guardian, in July there were days when a month’s average rain fell in only an hour.

Due to shifts in the climate, areas that haven’t historically been at risk are finding that they’re increasingly having to deal with water damage. As you might imagine, while these freak events may be rare, they can cause serious property damage.

Read on to find out why having the right flood cover in place can give you much greater peace of mind.

Climate change means that many areas are now at greater risk of flooding

As you’ll know, the UK is no stranger to the risk of flooding. Given that we live on an island famous for its heavy rainfall, occasional high water levels are to be expected.

That being said, floods are becoming increasingly common due to global climate disruption. As human activity continues to interfere with natural processes and balances, the frequency of natural disasters seems to be rising.

According to climate data gathered by the British Insurance Brokers Association (BIBA), one in six properties in the UK are at risk of flooding. Furthermore, this figure is expected to increase as climate change triggers more freak weather occurrences in coming years.

On top of this, as cities expand and new homes are built, an ever-increasing amount of land is being tarmacked over. This means that when it does rain, there is less soil for the water to drain into, which leads to rising water levels.

As we mentioned earlier, one of the biggest problems facing the country is that historically safe areas are now starting to flood. This can make it much harder for people to protect their properties from damage.

While dredging rivers and shoring up flood defences can be an easy way of safeguarding at-risk areas, it’s much harder when you don’t know where natural disasters will strike next.

For example, while much of West London has traditionally been shielded by the Thames Barrier, the freak weather in 2021 showed that even the most well-protected areas aren’t invulnerable.

According to iNews, during the worst of the autumn floods, the water level rose so high that many roads in Knightsbridge were impassable even to cars and buses.

Protection can cover the cost of repairing flood damage

As you’ll know, floods can cause a serious headache for property managers. From shorting out electrical sockets to damaging the building’s structure, even a few inches of floodwater can pose serious problems for you.

Once it has receded, you’ll need to pay to remove debris from the property, as well as replacing fittings, furnishings and potentially electrical systems. Depending on the level of damage, this can potentially be very expensive.

For example, according to data from the Association of British Insurers (ABI), insurers had to pay out nearly £500 million due to Storms Dudley, Eunice, and Franklin at the start of 2022.

As we discussed in a previous market update, the cost of many building materials has spiked in the past few months, largely due to supply chain issues caused by the pandemic. These higher prices mean that the cost of repairing a property could now be significantly higher than it was a few years ago.

This is why it’s important to protect your properties with the right type of cover. Having Flood Insurance in place can enable you to rest easy, knowing that even if a natural disaster did affect you, you wouldn’t have to pay out of pocket to fix it.

A broker can help to find the right cover for your needs

Given how important the job of property manager is, it’s not surprising that you have a lot to think about! From acting as the liaison between owners and tenants to keeping your buildings properly maintained, there are many important jobs that need your attention.

This is why, if you want to insure a property against potential flood damage, working with an expert can be invaluable.

An insurance broker can scour the market on your behalf to find you the protection that suits your needs, giving you much greater peace of mind. Furthermore, they can also help to ensure that you aren’t paying any more for cover than you need to.

Working with a broker can give you confidence to know that you have the right protection in place, giving you one less thing to think about.

Get in touch

If you want to know more about how a broker can help you to protect your property from floods, we can help. Email or speak to a member of our expert team on 0207 382 7710.


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