As a flat owner you might not consider the effects on your flat in an area that is prone to flooding as much as a house owner would. After all, surely flood water won’t reach any levels above the ground.
However, buying a flat in a flood risk area is actually an important factor to consider whatever level your flat is on.
What are the downsides?
Even a flat owner above the ground floor will often find they have a higher contents insurance rate to pay in a high risk flood area unless you shop around for an insurer who can help you take the flat position into account. Having your home above the ground floor will physically make it more protected in the event of a flood - but it won’t make your insurance less of a risk.
Flooding in the basement floors of a block of flats can affect the entire block. For example, the flooding could affect the sewage or electricity services to the whole block.
Another factor to consider is the access to the block of flats in the event of a flood. If the ground floor and communal areas are flooded, how will you access your home?
What are the advantages?
Many homes are considered to be at high risk of flooding have never actually flooded - so don’t let this immediately put you off the riverside penthouse of your dreams.
Living near water is highly desirable for many people and so this dream outweighs any risk when purchasing a flat. Flats by rivers, lakes or the sea are all very sellable.
Many studies have found a direct link between health and the visibility of water, which the scientists call 'blue space'. If you can see ‘blue space’ from the window of your flat - your health will benefit.
Even when flooding does occur - it’s rarely on a large scale and may never happen again. However, it is always wise to have a contingency plan for the worst. Make sure you get an insurance quote as early as possible if you are thinking about buying a flat in a flood zone.
If your ground floor flat is in a flood zone you can also flood-proof your property with stone or wooden floors instead of carpets and flood-proof windows. You could also re-landscape any pathways up to the front door.
To buy or not to buy?
The benefits often outweigh the costs of buying a flat within a flood zone - there is something about living near water that can’t be beaten. So there is certainly an opportunity for investment. If you buy at a reasonable price you can often make a profit when you come to sell as water view apartments are always in demand - just assess all the risks first.
This article was written by Heath Crawford, providers of building insurance to property owners across the UK
