Are you up-to-date with the latest on flood risk?
There's been a lot in the news recently about the launch of Flood Re. Flood Re is a flood resinsurance scheme that allows access to affordable home insurance to many residential properties at risk of flooding. This applies to an estimated 350,000 properties.
The scheme is made possible by spreading the cost and risk across the entire home insurance industry, and will be funded by insurers. Find out more about Flood Re
Does this mean that I don't need a flood report?
It's still extremely important to include a flood risk assessment in every transaction, so that the purchaser is fully aware of their risk prior to exchange. There are also quite a lot of properties that are not eligible for Flood Re - this includes commercial properties, properties built after 2009, buy-to-let properties and most leasehold properties.
Do the various flood searches now take Flood Re into account?
We can confirm that all the residential searches offered by Geodesys, that include a flood assessment, now take account of Flood Re when providing an insurability rating. This applies to Landmark HomeCheck Professional Flood, Argyll SiteSolutions Residence, GroundSure Flood and GroundSure Homebuyers.
New build properties
As mentioned above, properties built after 2009 do not qualify for Flood Re. This is in order to discourage the development of properties on flood plains. Unfortunately the growing pressure to find sites for housing does mean that houses continue to be built in flood risk areas. Coupled with the fact that homebuyers are becoming increasingly wary of buying a property in a flood risk area, it seems that the demand for flood searches can only increase. See more.