Record rainfall highlights future insurance issues

Record rainfall highlights future insurance issues

Over the past month the UK has seen record levels of rainfall, nearly twice that which we would normally expect for April. As of May 4th, the Environment Agency still has 82 flood warnings in force, 21 of these alerting homeowners that immediate action is required.
Properties in flood risk areas can suffer devastating affects from heavy rainfall. Surface water flooding impacts on twice as many properties as those situated near coasts or rivers.
Whilst the worst is likely to be over, the bad weather is due to continue into May meaning that attempts to rectify any damage to property are delayed. 
Standing water can cause structural and cosmetic damage to property, with potential secondary problems being caused by trees falling onto buildings. 
The Statement of Principles which covers insurance in the case of flooding is due to end in June 2013, this is predicted to impact on annual insurance policies and premiums taken out from July of this year. 
The obvious implications for future insurance and mortgage validity could mean an estimated 200,000* homes throughout the UK will be unable to obtain affordable flood insurance.
Encouraging your clients to obtain a desktop flood report for any property they are considering purchasing or leasing not only ensures they are fully informed, but demonstrates your due diligence should they subsequently suffer damage as a result of flood. 
For more information on flood reports contact your local PSG office.

*Association of British Insurers News Release March 2012

PSG

http://www.psgconnect.co.uk

Since 1997, PSG has been a leading provider of quality conveyancing searches in England and Wales. During that time, we’ve embraced technological advances to develop a service that provides property professionals with a complete conveyancing support package.

Our range of products and services has grown with the demands of the industry and alongside our traditional search service providing searches for both residential and commercial transactions, we also offer Title and Legal Indemnity Insurance policies, Risk Management Products, Quotation & Referral and Case Management solutions.

Over 1,000 firms every month trust PSG’s people and technology to deliver a first class service. Our network of 50 local offices across the country have the expertise and experience to deliver the searches and reports you need, when you want them and in a format that suits you.

Our online ordering platform PSG Connect features a range of tools designed to streamline your workflows, allowing you more time to focus on other areas of the property transaction.

  • Advanced mapping system
  • Search alerts
  • Track and Trace facility

Our highly skilled staff are dedicated to delivering a professional and friendly service, and our in house search training accreditation scheme ensures that our clients have access to a local expert throughout the conveyancing process.

PSG subscribes to the Search Code and is an executive member of the Council of Property Search Organisations (CoPSO).


Contact: Stephen Murray

Tel: 01226 246644

Email: [email protected]

Address
6 Great Cliffe Court
Great Cliffe Road
Barnsley
S75 3SP

Leave a Reply

Your email address will not be published.

X