Flood Insurance Definition
The extent of the cover that is provided in a flood insurance policy will often vary depending on the insurance agreement and depending on the potential risk of flooding, insurance premiums can vary drastically. As always, the best way to get yourself a flood insurance deal that is affordable and provides you with the right level of cover is to shop around. The product comparison table below should help you get a clear definition of the flood insurance deal you think is best suited to your needs.
When assessing the cost of customers insurance premiums, insurers who specialise in this field will analyse a number of different factors in order to provide the most competitive premiums possible. The following are some examples of factors that play a part:
- The records regarding frequency and severity of previous floods
- The structural condition of the property
- Any flood defences that exist in the area that may lessen the damage caused
For insurers the most telling factor regarding the cost of their insurance premiums will always be the element of risk that the property represents, that is to say, the likelihood that an insurance claim will be made.In particularly high risk areas, flood insurers will usually require their customers to provide adequate ‘flood-proof’ defences before they will agree to provide any kind of insurance cover. In any case, when searching for flood insurance, it is recommended to shop around as much as possible in order to receive the best possible flood insurance quote.