One of the most topical aspects of home insurance in Ireland over the last few years has centered around flood insurance. We have witnessed some devastating floods throughout the country (Dublin 4, Donegal, Athlone) over the last decade. As an insurance broker operating in a well known flood risk area, Sandymount, D4 we are faced with these insurance underwriting complications on a daily basis.
Our home insurance team have put together a quick cheat sheet for those of you living in a flood risk area or perhaps you are looking at purchasing a property in a flood risk area.
- The first port of call for anyone looking to conduct some research into potential insurance flood risk areas should be the www.floods.ie website. This website will enable you to selected your respective location on the map and see previous flood related events.
- It is very important to establish what type of flood risk is present? Is it tidal, river, stream? Are you located in proximity to an area that has previously flooded? Sometimes flooding can be caused by underlying streams that may not be visible on the surface level.
- If it can be established that flood insurance is going to be an issue we always recommend clients having a look on the Dublin City Councils website to see what risk improvements have been made? Or if there are any protection plans in the pipeline.
- In some cases we are required to obtain an LOC (Letter of comfort) from Dublin City Council. This outlines the flood protection works completed in respect of your address. This letter can greatly assist with obtaining flood cover insurance.
- It can usually be difficult to obtain flood cover through online insurance brokers based on the complexity of the risk. It is always advisable using a local broker who will have local knowledge of the area.
- If the insurance quotation is higher than you expected why not ask and see if you can increase the excess for flood related claims. This can help reduce the insurance quotations in some cases.
- If you are a first time buyer or obtaining a mortgage through a bank it is always recommended to speak with them directly about their insurance requirements. Some lenders will have flood insurance as a requirement under the mortgage.
If you think all of the above might be a bit too much work, we have a dedicated household team on hand to cover this off for you. We have specialist knowledge of flood insurance particularity in the Dublin 4 area. So give us a call of complete our Quote form here.