How do you know if you are uninsurable?
uninsurable risk – noun
a situation that you cannot protect yourself against by buying insurance because it is impossible to calculate how likely it is to happen, or how much damage it will cause:
In many cases catastrophes, such as earthquakes, have become uninsurable risks.
a situation for which an insurance company will not provide insurance, because, for example, it is certain to happen:
Generally, you are able to get a home insurance policy after you have purchased your home. There are a range of factors that influence your home insurance policy.
Prior to purchasing your home, it would be ideal to research the area to see if there would be any major impacts on your insurance policy.
1. Is the area subject to any environmental hazards?
There are certain areas in the UK that are prone to environmental hazards that will damage the property. The most common problem is flooding.
Flood Risk Areas – These high risk flood areas that do not have the right measures put in place end up making the home uninsurable and unsellable.
There is an assumption that a third of new developments in the UK will be built within flood areas.
Some of the areas that are well known for flooding in the UK include
What measures can you do to protect your home from flooding?
You can check for flood warnings in your area by checking with the Environmental Agency.