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buying house, loan offer in post, now ? flood risk?

  • 02-12-2020 1:01pm
    #1
    Registered Users Posts: 210 ✭✭ wexpat girl


    Am in process of buying and the mortgage company came back with quote for their Insurance company to say that it would be x amount but the policy will not include flood cover as the area is deemed to be a flood risk zone. The estate is 30 yrs old, the neighbours who have been since day 1 have never had flooding and currently have storm and flood cover. The seller never bothered getting flood cover as didn't think it necessary. Mortgage company have told me that insurers are revisiting their flood maps in the past 12-24 months so cover to date does not mean cover now. I'ts given me the heebie jeebies but my husband thinks this is insurance skullugery as in allowing for the mimimal possible risk way down the road that may never happen. There is a estuary nearby but would have thought it far enough away. A neighbour had their foundations checked for ground quality, in advance of getting an extension built , something to do with the soil quality/ water table but all was ok. Another person told me that the area was reclaimed land , going back 100 years ago. Like many other areas I guess but there has been no problems to date.
    Is this a bit of insurance co. looking at flood risk for the next 20/30/40 yrs due to rising sea levels?

    I've done some research on floods.ie and all it says about the area is that it is an AFA (awaiting further assessment) and that there is no info currently available. Can the local council give me any more info if I look for it? Is this something that out solicitor would look into? It would break our hearts if we could not buy but now I'm nervous.

    I'm going to ring around insurance companies later today and see what cover they currently offer. If the bank think there's an issue with insurance, does this mean we could be refused our mortgage? There's never been any mention from them until they sent me a quote for insurance.

    Thoughts?


Comments

  • Registered Users Posts: 10,687 ✭✭✭✭ Samuel T. Cogley


    Yes the lack of flood cover could be an issue with the mortgage. The chances are you will get insurance but at an increased cost.

    Within 40 years I'd say all bets are off in relation to flooding but IANACS so what do I know.


  • Registered Users Posts: 5,937 ✭✭✭ handlemaster


    In fairness you are asking a company to take a risk for a house that could get flooded . The risk would be high in monetary terms premium v cost of rectifying damage from a flood property. I think with global warming there will be more and more properties coming into this bracket that previously were looked upon as no risk.


  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    My parents house is in a flood risk area. There is a river 90M away from the end of the garden.
    A lot of insurance companies wont quote them. Others will, when they ring around.
    Now they just call a broker and they will get them insurance, including flood. Probably costs €40 more than with the other companies.

    The place has never flooded since the house was built 60 years ago. The river in the whole valley would have to rise about 5M to even wet the end of the garden with the slop down to the river. So thats a river about 3 feet deep and 15ft wide expanding into a valley about 1000ft wide and rising 16 ft. I dont think so :) Yet its a flood risk just because of proximity to said river.

    Do some more research OP and you might find its not the problem it seems.


  • Registered Users Posts: 5,178 ✭✭✭ killbillvol2


    My house is near two rivers but the street has never flooded. I used my broker to organise insurance before i moved in and, after giving me a quote, they called back to say that flooding wasn't included due to the proximity to water. They just used a different insurance company which covered flooding, no change in premium.

    Shop around.


  • Closed Accounts Posts: 256 ✭✭ Pasteur.


    JimmyVik wrote: »
    My parents house is in a flood risk area. There is a river 90M away from the end of the garden.
    A lot of insurance companies wont quote them. Others will, when they ring around.
    Now they just call a broker and they will get them insurance, including flood. Probably costs €40 more than with the other companies.

    The place has never flooded since the house was built 60 years ago. The river in the whole valley would have to rise about 5M to even wet the end of the garden with the slop down to the river. So thats a river about 3 feet deep and 15ft wide expanding into a valley about 1000ft wide and rising 16 ft. I dont think so :) Yet its a flood risk just because of proximity to said river.

    Do some more research OP and you might find its not the problem it seems.

    I'd be checking the fine print on the flood cover

    Have they declared everything in relation to the risk to the insurance co.


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  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    Pasteur. wrote: »
    I'd be checking the fine print on the flood cover

    Have they declared everything in relation to the risk to the insurance co.


    Of course


  • Registered Users Posts: 1,303 ✭✭✭ atilladehun


    My house is near two rivers but the street has never flooded. I used my broker to organise insurance before i moved in and, after giving me a quote, they called back to say that flooding wasn't included due to the proximity to water. They just used a different insurance company which covered flooding, no change in premium.

    Shop around.

    I'm in a similar situation. Shop around. Insurance companies do this stuff all the time, doesn't mean it's true. Similar to car insurance quotes being hundreds of euro apart. There's outside factors than just your case that cause price variations.


  • Registered Users Posts: 210 ✭✭ wexpat girl


    JimmyVik wrote: »
    My parents house is in a flood risk area. There is a river 90M away from the end of the garden.
    A lot of insurance companies wont quote them. Others will, when they ring around.
    Now they just call a broker and they will get them insurance, including flood. Probably costs €40 more than with the other companies.

    The place has never flooded since the house was built 60 years ago. The river in the whole valley would have to rise about 5M to even wet the end of the garden with the slop down to the river. So thats a river about 3 feet deep and 15ft wide expanding into a valley about 1000ft wide and rising 16 ft. I dont think so :) Yet its a flood risk just because of proximity to said river.

    Do some more research OP and you might find its not the problem it seems.

    That's the view my husband has. There's a main road between us and the water source. We're a good bit from the estuary but across the road there's a bit of swampy land extending from the river.


  • Registered Users Posts: 57 ✭✭ mickeyodee


    Hi,

    In a very similar situation and just wondering how you got on?

    Pm me if you prefer



  • Registered Users Posts: 4,114 ✭✭✭ whomitconcerns


    mickey why dont you open a new query instead of reopening lots of old dead ones? Youll get better answers



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