Flood risk reports show true threat

Homebuyers will now be able to know before they buy a property whether it will get buildings insurance.

Following a partnership between Landmark and Risk Management Solutions (RMS), the latest RMS flood mapping data will be publicly available for the first time.

The UK Flood Risk Assessment maps cover all sources of flood risk, including surface water and minor river flooding, which is believed to have caused around 50 per cent of the damage from the 2007 summer floods.

Until now the reports have just included data from the government’s Environment Agency, which is currently only covers major river flood risk.

According to the agency’s maps, less than ten per cent of England and Wales is at risk of flooding, while RMS estimates this figure to be almost 30 per cent. In an analysis of property exposures, RMS estimates that one in four British homes is at flood risk.

James Sherwood-Rogers, managing director at Landmark, said: “The inclusion of this new cutting-edge flood data represents a major advancement in our property risk assessments.

“As there is no requirement to include flood assessments in the government’s Home Information Packs, homebuyers would otherwise be in the dark about the true risks facing a property. These new reports will furnish them with the information needed to assess properties and negotiate on transactions.”

The reports will include an assessment of the risk of a property flooding from an event that happens on average once every 75 years, compared to once in every 100 years, using the Environment Agency data.

This means homebuyers will know before they buy a property whether or not they will get buildings insurance – and even a mortgage – since the Association of British Insurers (ABI) made an agreement that insurers will provide coverage for properties protected up to this 75-year return period level.

Matthew Grant, global head of client development at RMS, which has been modelling all sources of flood risk since 2001, said: “The 2007 floods provided a stark reminder that major river flooding is just one part of the full flood risk picture, and a much more comprehensive view is needed.

"By having the metrics to assess the true flood risk facing a property, homebuyers can ensure they pay a fair price, secure insurance coverage and decide if they need to invest in flood defences.”