Home Insurance and Flooding, Climate Change and Increased Risk

Home Insurance and Flooding, Climate Change and Increased Risk

Caeva O'Callaghan | December 9th, 2019

Home Insurance and Flooding

A recent study by location intelligence company Gamma shows that over 60,000 Irish homes are at risk of flooding due to climate change.

In many cases, insurers will refuse to cover homes with flood cover in areas that are considered to be on a floodplain.

Even houses that have not been damaged by flooding but are in an area that neighbouring houses have been damaged could be refused cover.

What if Your House is Built in an Area Susceptible to Flooding?

In this case, your local government officials can help.

Insurance Ireland signed a memorandum of understanding with the Office of Public Works. This is a commitment by the Insurance Industry to maintain or extend flood insurance over in defended areas.

Flood defences will be required. But if they are installed the insurance industry will recognise this and extend cover if appropriate.

Level of Flood Cover in Ireland

Currently, around 98% of home insurance policies in Ireland have Flood cover. As climate change causes water levels to rise there may be more properties at risk.

As a result, unless climate change slows or there is an increased level of flood defence construction. Flood insurance will be a greater consideration when looking for home insurance.

Talk to Us

If you have any questions on flood cover or home insurance call us on 042 9359051.  We are always happy to help.