As Cornwall counts the cost of this month's extreme tides and flooding, a Cornish law firm is warning clients about potential spiralling costs of insurance premiums.
Jo Morgan, left, conveyancer and chartered legal executive at Coodes Solicitors, is offering up-to-date advice about insurance for people buying property that may be in an area at risk of flooding.
Insurance companies and the Government have formed an agreement to cap premiums for those living within at-risk areas. This agreement, called Flood Re, aims to ensure insurance is affordable and available by setting up a not-for-profit fund.
But with Flood Re not due to be introduced until mid-summer 2015, home-owners may find the cost of their insurance rises. Jo said: "We are advising clients to get insurance quotes at an early stage when buying a property.
"It is also important to discuss environmental searches with your conveyancer to highlight whether your property falls within a flood risk area. In theory, people buying a new home potentially at risk of flood will be protected from insurance premium price hikes by the Flood Re fund.
"But because this doesn't kick in until mid 2015, in the meantime we are worried that insurance premiums will start rising. There are also some specific issues about which sorts of homes will be covered under Flood Re – such as which council tax band your house sits in, and if your home was built after 2009. We'd advise anyone who is currently looking to buy a new property to check each of these aspects out, by working with an experienced conveyancer."
Coodes Solicitors has seven offices across Cornwall and Devon and employ over 130 lawyers and support staff. The firm offers expert legal advice a variety of matters from residential and commercial property to wills and probate.
For the latest advice about your property and flood risk, contact Jo at Coodes' St Austell branch, 01726 874700.