Warning to anyone buying a house through a simple check, which could save you £250 a year
A QUICK check could save homebuyers hundreds of pounds a year as drizzly weather batters parts of Britain.
New research from Compare the Market has revealed how much more you will spend on home insurance if your property has been flooded.
The price comparison site said the average premium in January was £451 if your home was hit by a deluge of rain, compared to £204 if it wasn’t – a difference of £247.
But with wet weather battering Britain today and after months of storms, a quick check for homebuyers could prevent them from ending up in a flooded home and having to spend more on a premium.
The Association of British Insurers says estate agents have a duty to tell you if a house you are looking at has been flooded before.
You can check via the website whether a certain postal code is in an area with a high flood risk Government flood map tool at.
If you already live in an area with a high risk of flooding, it may be worth reviewing your home insurance policy to ensure you are covered in the event of a flood.
Helen Phipps, director of Compare the Market, said: “With storms and floods becoming more common, it is a good idea to review your home insurance policy and check whether you live in a flood risk area.
“The home insurance market has seen a decline in the number of people taking out policies over the past three years, meaning many households could be left uninsured and out of pocket if stormy weather or flooding causes damage to their homes.”
It comes as Compare the Market found that the cost of insuring a house that has been flooded has risen from £352 in January 2023 to £451 in January this year – an increase of £99.
The price comparison site also found that the cost of insuring properties near bodies of water is increasing.
In January, the average premium for a home near a body of water was £214, an increase of £48 from £166 in January 2023.
Meanwhile, the company said home insurance rose a total of £48 year-on-year, from £156 in January 2023 to £204 in January.
What is home insurance?
Home insurance is designed to cover you in the event of fire, flood, theft or loss of items contained therein.
There are two types of home insurance: contents and buildings insurance.
Home insurance covers the cost of repairing damage to the structure of your property, which may be caused by fire or flood.
The “building” includes elements such as your roof, walls and floors, but also fixed elements such as windows or fitted kitchens.
Home contents insurance says what it does: it covers you if the contents of your home are damaged, lost or stolen.
You can purchase building or content policies separately, or combined, so you’re covered in all scenarios.
However, not all home insurance policies cover the same things, so it’s worth shopping around.
You can use price comparison websites such as Compare the Market, GoCompare and Uswitch.
Most home insurance policies also have a ‘deductible’ – the amount you have to pay for a claim.
Increasing your deductible will reduce your policy but mean you will have to pay more if you need to make a claim.
How else to save money on your home insurance
Ceri McMillan, insurance expert at Go Compare previously told The Sun that renewing your policy 27 days before it expires could save you £60.
And at the very least, don’t wait for your policy to automatically renew, as you’ll likely pay more than if you shop around for a cheaper deal.
If you have the money upfront, it’s worth paying your premium in one go, too.
Ceri previously told The Sun that you can save around 10% on your premium with this trick.
The ABI said the average home insurance premium in 2023 was £341, meaning you could save around £34.
Combining the contents and buildings policy instead of paying for them separately can also save you £100 a year, according to Confused.com.
Installing a burglar alarm can also help lower your premium price, albeit after the initial upfront costs.
Consumer group Which one? says you can get an alarm for around £100and install it yourself to save extra money.
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