If you ever suffer a flood in your home, the cost of your insurance premium is likely to rise in the future. You might also have to pay a larger excess on any claims.

Each company has a different approach when it comes to flood claims and excess. It’s a competitive market, so it’s worth shopping around at renewal to get the best price.

While insurers are committed to offering existing customers flood cover following a washout, new insurers are under no such obligation, and are likely to turn you away.

This can raise issues when applying for a mortgage on a property in a flood risk area, or one that has been flooded in the past.

If you’re buying a property, remember to look at flood risk very carefully. Lenders often require at least a standard insurance policy to cover the structure of the building before they even consider approving a mortgage.

Before buying, get quotes from an insurance company to see whether it will cover you, and how much you have to pay.