House insurance costs.........there must be some logic in the variations but ??

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Tim Hall

Guest
Location
Crawley
[QUOTE 5185641, member: 45"]It's risk related. And some risks are fluid. That's all.

Much of our town is designated as flood plain by the EA. Because of this, and despite the fact that it won't flood because we're on the coast, if you live in that area your premium is a fair bit more than if you live 30 metres up the hill.[/QUOTE]
I'm not seeing why it won't flood just because it's on the coast.
 

Tim Hall

Guest
Location
Crawley
[QUOTE 5186166, member: 45"]Because it runs into the sea, the height of which isn't affected by land drainage.

Of course, there's flooding risk from the sea. But the last time we had a tsunami here was in 1607, so I don't think people are too concerned.[/QUOTE]
I guess it depends on which bit of the coast you're on, but tsunamis aren't the only method of sea inundation. Climate change, rising sea level, extreme weather are things that I would look at. A brief google pointed me to the wiki page for Bristol Channel floods 1607. There are two theories listed, Tsunami and storm surge, as happened on the East coast in 1953. That's a lot more recent than 1607.
 

Drago

Legendary Member
During one house insurance quote the phone rep got jolly excited to see that I was near a river. I did point out that Drago Towers is 40 metres higher than the said watercourse.
 

PaulSB

Legendary Member
[QUOTE 5186303, member: 45"]That was a 1 in 500 year flood event.[/QUOTE]

Yes but that doesn’t preclude having 1 in 500 year events in two successive years.
 

Profpointy

Legendary Member
One thing on the flood risk (and other similar risks) is that they affect a lot of properties in the same area, and in similar flood prone areas all at once. Insurers will be concerned with how big a proportion of their properties will be hit by the same event at the same time, even if the price / risk ratio is still OK. In this case they will put the prices up for that category of risk to discourage punters. The risk of your house burning down they can assess and averages out over everyone - but they are worried about everyone in Glouscester being flooded out in and claiming all at once
 

Electric_Andy

Heavy Metal Fan
Location
Plymouth
Ours was about £130. We were burgled 6 years ago so no longer have to declare that. It's in a fairly deprived postcode but the whole area has been developed so it is looking up.

As Drago said, don't read too much into it. They will look at whatever "data" they want, divide it by your Aunti's shoe size and add £100.
 
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