Flood-hit homes to cost £45,000 each to restore
Published by Max Salsbury for 24dash.com in Environment and also in Featured, Housing
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It'll cost over £45,000 to restore a three-bed home hit by the recent flooding that afflicted much of the country, new data suggests.
According to RICS, the average price of returning a flood-hit home to its former condition is £30,000, with flood-proofing costing an additional £15,000.
With repair costs so high, RICS has warned affected homeowners to consider additional flood defence measures.
While potentially costly, the amount of money saved and disruption avoided in the long run makes it a sound investment, especially for those without comprehensive buildings insurance, the professional body has said.
The average £30,000 cost of restoring a typical three-bed semi includes repairing things like timber floors, plasterboard, kitchen units and cavity wall insulation, which in many cases will largely be covered by a homeowner’s insurance company.
However, claims processes can potentially take many months and those without comprehensive cover could have to foot the entire cost themselves, RICS has warned.
But flood prevention measures – including adding non-return valves to drains, raising power points and laying tiled floors – comes it at around £15,000.
RICS says that, while clearly a substantial extra cost, those who have fallen victim to the recent floods should seriously consider flood-proofing as a means of both protecting their home and ensuring that they don’t have their lives turned upside down to the same extent in the future.
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.
“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.”