Brits buying a house urged to complete quick check that could save you hundreds

04 March 2024 , 15:45

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Make sure you complete a simple check before buying a property (stock photo) (Image: Getty Images/iStockphoto)

If you're hunting for your forever home - don't skip this essential check that could otherwise cost you a fortune.

Getting on the property ladder is a huge milestone for many Brits, especially amid the cost of living crisis that's seen food, fuel, and energy prices skyrocket over recent years. But before you put an offer on the house you're convinced is perfect, a little bit of research may be required.

The warning comes after the UK witnessed several back-to-back storms that savaged the nation this winter, bringing with them heavy rain and life-threatening winds. And yes, this can affect your home and hard-earned money.

New data from Compare the Market shows the premium of insuring homes that have been previously flooded in January 2024 was an eye-watering £451. This a £247 (121 per cent) increase for properties without any flood history.

"[We've] seen a decline in the number of people taking out a policy over the last three years, meaning many households could be left uninsured, and out of pocket, if stormy weather or floods cause damage to their homes," said Helen Phipps of Compare the Market. She added that UK households are 'taking action', after witnessing a staggering 80 per cent increase in year-on year website visits following the wicked Storm Isha back in January.

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While estate agents are obliged to inform you if a house you're viewing has been flooded before - you'll still have to check if your new postcode is in a high flood risk area. If you choose to go for the property despite its flood risk, make sure you check what your insurance policy covers.

"Flood cover is generally included as standard in most buildings and contents insurance policies, and will cover your home and its contents against water damage," Phipps explained. "Homeowners should note, however, that there can be important exclusions depending on their level of cover. For instance, most policies do not cover damage to parts of your home like fences, gates, and hedges."

You can check the long term flood risk for an area in the UK here. However, this service will not predict the likelihood of a specific property flooding in the future, or any details on flood risks caused by factors like blocked drains and burst pipes.

Liam Gilliver