Home Insurance on newly built home near a river

[Smarff]

We are looking at a new-build house that is in an area that is close to a river. The estate agent (who is also an insurance broker) recommended one insurance company who would insure the area. We checked this independently and they did provide a quote for the address at a fair price.

Before proceeding:
-Do we have any guarantees that there wouldn't be a hike in the premium in later years?
-Could the company refuse to insure us after a period of time (but before the mortgage is paid off)?
-Are there any other precautions we should take with regard to house insurance in this instance?

Thanks for your help.

 

[peteb]

Put simply
- no
- yes
- no

Premiums can rise and fall depending on the market. If you are with an insurer because the risk is distressed and your options are limited there isnt really much you can do.

If there a few flood episodes then yes the insurer could refuse flood cover. The likelihood is they would continue to offer all other perils.

 

[Leo]

-Are there any other precautions we should take with regard to house insurance in this instance?

Look up local records for flood plains, investigate whether any of the recent flooding events have caused issues in the area or upstream. If there were issues upstream, research any remediation works completed or in planning that could relocate the problem.

 

[Peanuts]

In addition to Leo's comments above you should also check [broken link removed]. It shows flood risk for the entire country. A lot of it is preliminary but its useful nonetheless. If the house was built within the last few years, a flood risk assessment may have been completed as part of the planning process. This would let you know if the house is at risk of flooding. If it is at risk then I certainly wouldn't be buying.