In a recent study conducted by the RICS, analysis found that the average cost of repair for a three bedroom property damaged by floods is £30,000 and in some cases can reach as much as £45,000.
Within the study, RICS found that the average cost to restore a three bedroom house to its former condition would average £30,000 with additional costs of up to £15,000 to flood proof the property against future damage.
Following the recent floods in the UK, Gary Strong, RICS Director, said:
“Now the flooding is over those who have been affected will, naturally, be going back to their homes, assessing the damage and lodging insurance claims to get their lives back on track. In many cases, costs will be covered by the homeowner’s insurer but there are many out there who do not have comprehensive cover and could end up footing a very large repair bill”.
He went on to say:
“In either case, we recommend that those affected consider extra flood defences. It can take months to get a home back to its original state and the disruption caused can be catastrophic to many people’s lives. Money now could turn out to be a very shrewd investment further down the line.” Continue reading