The extreme weather experienced across the globe in recent years has highlighted the need to be prepared. It suddenly seems possible to have flash floods in the middle of the summer and snowstorms causing chaos at Easter.
But how do you decide if you need flood insurance before it is too late?
The first thing you should do is check the conditions attached to your home finance arrangements. It is possible that your ender may have already stipulated that you need flood insurance.
If this is the case then you have no option; you must take it out to protect your home and your finance company.
Assess The Area
If it’s not a condition of your finance that doesn’t mean you don’t need flood insurance. You simply need to assess the risk yourself.
It is a good idea to take a look at the area you live in.
You need to consider how close your home is to a river, lake or any other water source. This can rise in bad weather and approach your home. It is also important to look at whether the land is flat or slopes downhill to your house from the water source. This will increase your chances of flooding.
You will also need to look at the drainage system which operates in your area. If rainwater can be trapped then it is possible it will cause flooding; especially if you experience a very heavy downpour.
Have A Survey Done
The next thing to do is take a look at the surveys offered by www.onesearchlocators.com.au. These can help you to assess what pipes and drains run under your land and your home. They will assess the amount of water that is likely to go through them and provide you with a figure regarding how at risk your home is.
It is a good idea to have a survey done as it will highlight things that you cannot see. After all you may be nowhere near the water but have a mains drain running under your home. If this is overloaded water can soak upwards into your home.
It is also a good idea to do some research. If the area you live in has a history of flooding then you’re going to need house insurance. This will be reported in the papers.
However, smaller scale incidents may not be reported. To make sure you are aware of these and factor them into your risk assessment you should ask your neighbors their experiences.
In particular choose neighbors that have been in the area for a long time.
Once you have an accurate picture of the risks of being flooded then you can decide whether to have flood insurance or not.
But, don’t forget that it is free to get a quote. You may find the premium is so small that it is worth the peace of mind; whether you conduct the rest of the risk assessments or not.