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Sustainability means understanding risk and foreseeability vs uncertainty.
Homeowners should be encouraged to understand the degree of flood risk at their location, so that they can make informed decisions that could affect their financial objectives. The primary consideration should be to avoid foreseeable harm (both physical and financial). Homeowners should also understand the additional obligations where there is an outstanding mortgage.
A number of factors are involved:
How to understand the risks?
These are the four key risks associated with flood (and its susceptibility to climate change):
How should the homeowner be made aware?
Flood risk is a highly specialised knowledge area. According to the Environment Agency (EA) however, it may affect up to a quarter of all homeowners in the future (who face similar risks but have different obligations to mortgagees).
At the point of purchase, the buyer should be made aware of the flood risk during the conveyance process. However, the risk is not static and we believe the homeowner would benefit from an expert view which is updated from time to time.
Lenders have better resources to understand this issue and could assist in connecting homeowners to the flood risk data providers (such as GeoSmart Information). The cost of discovering and keeping abreast of this risk is almost imperceptible compared to the potential loss from not taking appropriate action.
Learn more about GeoSmart Information’s flood risk data here. You can also email lilyjordan@geosmartinfo.co.uk with any enquiries who will ask an expert to get in touch with you to discuss our services.
05.12.22
Phillip Martin, Risk Director, GeoSmart
26.04.24
22.04.24
24.04.24
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