With the news today that around 200,000 households could face problems insuring their properties due to flood risks, house hunters may be thinking that waterside living should be avoided at all costs. Not so. Insurance is assessed on a case by case basis and the vast majority of waterside properties will be unaffected.
Picturesque views and peaceful surroundings are certainly desirable when it comes to house hunting and both often come hand in hand with waterside living. Although the news about insurance issues connected to flood risks could worry some, it is important that house hunters know the full story. Properties that are close to the water should never be automatically dismissed. Aside from the fact that the outcome of the report has not yet been finalised, the insurance issues in question relate directly those properties at high risk of flooding – the vast majority of waterside properties are not.
However, if you are considering buying a waterside property it is worth doing your research. Firstly, don’t assume that all waterside properties are tarred with the same brush. For example properties that are situated near still bodies of water, such as lakes and ponds, will be treated differently to those situated next to flowing rivers and streams. Similarly, if there are adequate, proven defence barriers in place, or if the property has never been affected by flooding in the past, this may also impact on policy conditions. Use the internet to find out the facts.
Secondly, speak to a reputable insurance adviser that can provide information on a range of policies from a number of different providers in the market and find out which insurers provide the most suitable options.
Lastly, don’t be afraid to speak to neighbouring households, many will be happy to give you an honest rundown on insurance costs and providers.
If you are keen to on a lake view here are a couple of our favourites;
A lakeside property with a twist, the property is upside down in conventional terms and works perfectly, benefiting from having lake views from the balcony, the lounge, the open plan family/dining room and kitchen breakfast room.