June 22, 2021

Traffic lights to show homes’ flood risk

first_imgThe Association of British Insurers (ABI) is urging estate agents and property websites to provide up-front information about flood risk, using a simple traffic-light style mark, as it reveals that fewer than one in three people researched the flood risk of the property before buying their current home. It sounds simple but will it put buyers off before they even view a property with anything less than a ‘green light’?Greg Bryce, Managing Director of SearchFlow, property intelligence specialists, says, “There has been a growing focus within the industry to improve the transparency and quality of information for homebuyers prior to their purchase. With so few buyers investigating flood risk when buying a home, the call from the Association of British Insurers (ABI) for more upfront information on flooding is welcomed.“However, the information proposed by the ABI should not be construed as a definitive risk assessment or unnecessarily deter people from purchasing a property. Regardless of whether flood risk information is made available on property details from the outset, it is recommended that conveyancers conduct specific searches for flood risk, and to arrange for an in-depth assessment by a technical expert if there is any flood risk to the property.“Homebuyers informed of a potential flood risk will be very wary of purchasing a property in a flood risk area. But for many, despite searches revealing there is a risk, it may not happen. Homebuyers need to be informed of any risk so they can ensure they are properly protected; just in case.“The consequences of flooding are clearly devastating for homeowners and, for many, this has been compounded by insurance premiums skyrocketing with exceedingly high excess, or worse, homeowners unable to insure their property against the risk of flood.“To aid those in high risk flood areas, a joint industry and Government sponsored affordable flood insurance scheme, Flood Re, was rolled out in April 2016. It enables flood cover to be affordable for those households at highest risk of flooding.The conveyancing sector is in the best position ever to ensure homebuyers are properly protected with the right insurance in place and fully informed of potential risks prior to a purchase. Leading data search providers for the conveyancing industry are providing the most comprehensive and up-to-date data on flood risk areas to help ensure conveyancers carry out their due diligence with confidence.” HOT TOPIC This story is being discussed in the forum nowThe Negotiator says:Flood risk traffic lights: will they put buyers off?Have your say Traffic lights show homes’ flood riskinsurance ABI Flood flood risk September 30, 2016Sheila ManchesterRelated articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Associations & Bodies » Traffic lights to show homes’ flood risk previous nextAssociations & BodiesTraffic lights to show homes’ flood riskInsurers ask agents to show risk graphics on property EPCsSheila Manchester30th September 20160763 ViewsHOT TOPIC This story is being discussed in the forum nowThe Negotiator says:Flood risk traffic lights: will they put buyers off?Have your say Traffic lights show homes’ flood risklast_img

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