Tag Archives: coastal home insurance

Over £1 Billion Per Annum Saved By UK Inland Flood Defences

Some interesting research has been carried out relating to the amount that is estimated is being saved in flood damage here in the UK due to the inland flood defences that have been put in place over the years.  The research was carried out by Risk Management Solutions (RMS) on behalf of Flood Re.

The research took into account many thousands of weather event simulations so an awful lot of work has obviously gone into producing the information. The research took into account the situation both without and with flood defences.

You may be surprised at just how much flood damage could be caused inland such as due to rivers breaking their banks. Apparently, it is estimated that with flood defences in place the cost of water damage could amount to around £0.7 billion. However, without flood defences in-situ it is estimated that the cost of damage caused by water could be in the region of £1.8 billion.

That is a huge potential saving of around £1.1 billion as a result of having inland flood defences in place.

An example of the benefit of having flood defences in place can be found in Bewdley, Worcestershire. This small, picturesque Georgian town has the River Severn running through it. For many years, on occasions, the river burst its banks and a significant number of homes and businesses running along the side of the river were flooded causing a great deal of flood damage to buildings and their contents as well as much heartache for the owners of those properties. That was until a few years ago when flood barrier defences were strategically put in place along the side of the river. Since then, there has not been a significant problem with flooding in that location.

Owners of properties within flood risk areas of the UK are likely to be charged more for their buildings cover so it may be a good idea to shop around. In that respect, why not get in touch with us here at AIB Insurance on 02380 268 351 and discuss your requirements with an experienced member of our team who will do all that he or she can to help source suitable, competitive, quality home insurance to cover both your buildings and any contents.

Substantial Increase In The Value Of Coastal Homes

Research by the Halifax has revealed some interesting statistics about the price of properties in coastal towns in various locations around the UK. In the last 10 years, there has been a huge jump in average house prices in coastal towns resulting in an average monthly increase of in the region of £410. The average value of a home in a seaside town now stands at £208, 729 – that is a rise of 31% in the past decade.

The most expensive coastal town in which to purchase a property is Salcombe in Devon at an average price of £672,874. In the last 10 years, it saw the biggest rise in property prices – an increase of 69%. In second place is Sandbanks in Dorset with prices averaging £614,726. In third place is Aldeburgh in Suffolk with an average price of £413,393 – that is a considerable drop in price to those in first and second place. Lymington, on the edge of the New Forest and a mere 21 miles from our office, is in fourth place with prices averaging £404,781.coastal home insurance

Ignoring the south of England that has the 10 most expensive seaside towns in the UK, it is Scotland that has the costliest coastal towns in the UK with £294, 586 being the price of an average property in St Andrews.

Interestingly, at the other extreme, in the UK, the cheapest coastal town is Port Bannatyne that is located on the Isle of Bute in Scotland where the average price of a home is only £73,539. In fact, 8 out of the 10 cheapest seaside properties are in Scottish towns yet it is Scotland that has witnessed the largest increase in seaside property prices over the past 10 years with an increase of 109% being seen in Fraserburgh in Aberdeenshire to £132,920. In England, it is Newbiggin-by-the-Sea that is situated in Northumberland that is the cheapest where the average price of a home is £81,339.

There is no doubt an appeal for living by the seaside with wonderful views of the coast and fresh air to be enjoyed. Also, the south of England seems to attract the better weather in the UK. Could it be that a delightful place like Salcombe attracts people with money from London looking for a second home to be enjoyed on occasional weekends?

You may be interested to read that we have arranged buildings and contents insurance on many, many coastal properties in the south of England and can also provide cover for those properties in a flood risk area. So, why not get in touch with an experienced member of the team here at AIB Insurance on 02380 268 351 to discuss your requirements and obtain a no-obligation quotation.