Flood risk Rating

Cambridge is rated by the Environmental Agency as being one of the most susceptible towns in the UK to flooding.  When evaluating the ‘flood risk’ level of a town the environmental agency classify towns into three bands:

• Significant: the chance of flooding in any year is in excess of 1.3% (1 in 75)

• Moderate: the potential risk of flooding in any year is 1.3% (1 in 75) or less, but more than 0.5% (1 in 200)

• Low: the chance of flooding in any year is 0.5% (1 in 200) or less

Cambridg is graded  as having a Significant Flood risk- which puts Cambridge within the top 10% of  flood risk regions in the UK.    The Flood risk  for Cambridge coming principally from   the Thames and the fact that there are currently inadequate flood defences in Cambridge.

 

How does this effect Homeowners in Cambridge?

 

Currently, it is estimated that  one in six homes in the UK is at risk of flooding.   The Environmental  Agency figures  show that out of these, 500,000 houses are judged to be a significant risk (likely to rise to over 800,000 by 2035. Homes in Cambridge are included within the 500,000 homes having ‘Significant ‘ flood risk.

 

The  two main reasons for such a significant rise in areas considered to be a ‘Significant’ danger of flooding are  said to be  climate change and the pressure on land use (especially in the South East)  which means  that more and more new estates are being built on flood plains.

 

Risk to the value of Properties in Cambridge.

In 2007 following on from the horrendous floods, the government reached an agreement with the Insurance Providers in UK to keep down the cost of insurance premiums on properties within flood risk areas and  to continue to insure those properties that had suffered flooding.    In 2013, this agreement could be comming to an end.  This will mean that premiums on properties within ‘flood risk’ areas  such as Cambridge will cost much more to insure with a few homeowners not being able to acquire buildings insurance coverage at all.

 

An uninsurable home is a property which is very difficult if not impossible to sell – no mortgage company or bank will lend on it and if it can be sold it will sell for a figure well below market value.

 

Presently there are signs that insurance companies have already been off-loading problem properties or increasing the premiums and policy excesses in areas such as  Cambridge Already there are people reporting that their house insurance cover has risen by sixty-six per cent  and they’re required to have excesses of around £15,000 – £20,000.00

 

Already people in certain areas  such as Cambridge are starting to struggle to find affordable insurance for their properties  and the problem will only get worse.

 

Cambridge is classed as currently being a location with ‘Significant’ flood risk – the indications are that from the year 2013 the cost of insuring property within Cambridge  will increase substantially.

 

When purchasing property within  Cambridge it is very important ensure that the Conveyancer acting for you has experience in dealing with properties in flood risk areas and is knowledgeable about all the related issues.  At iconvey our  Conveyancers are familiar with dealing with properties in flood risk locations such as Cambridge   our  conveyancers  at iconvey will  ensure that  the right enquiries are raised regarding flood risk.

flood · flood risk · flooding

No comments yet.

<< The particular Kate Spade Handbag * A Classic But Adaptable

New Systems Of Gardening >>