People selling their homes should provide certificates assessing their flood risk, according to almost 80 per cent of people surveyed in a new study by Allianz.
The certificates would give buyers a better understanding of a property’s flood risk before they purchase. They might also encourage greater investment by homeowners in measures to protect their property against floodwaters.
One in 20 homes across Ireland has difficulty accessing flood insurance, according to a Central Bank report published a couple of years ago. That figure includes homeowners who cannot get insurance at all to cover flood risk and those who have to pay exceptionally high rates for cover.
That number is likely to have risen in light of more recent flooding.
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Nearly half of all Irish respondents to a survey on behalf of the insurance group said all properties should be required to provide such certificates, with another third supporting their introduction only for properties at higher risk of flooding.
More than seven in 10 respondents say that homeowners who have suffered flood damage should be required to introduce flood protection measures before making any future claims. Less than half of those agree that they should receive financial assistance from the State to do so.
However, the Allianz report says it is important to ensure that measures to improve flood resilience are practical and affordable for homeowners. It argues that only wider Government-led initiatives can properly protect property from the risk of flooding.
The Irish research was conducted as part of a European-wide study – Europe under water: The macroeconomic cost of flooding and the economic case for adaptation – which examines the rising economic cost of flooding across Europe, the wider impact of big flood events on households, investment and public finances, and the economic case for greater investment in flood prevention and adaptation.
That report found that economic losses from flooding across Europe reached €88.6 billion between 2020 and 2025, 40 per cent more than during the previous decade.
“Flooding is already having a very real impact on families and communities across Ireland. For households in affected areas, it is not simply about the damage caused by a flood event itself; it can also affect the long-term insurability, value and saleability of a home,” said John Ryan, chief underwriting officer at Allianz Ireland and chairman of the Insurance Ireland flood policy taskforce.
“As our climate changes, we need to think much more seriously about how we make homes and communities more resilient before flooding occurs.
“Ireland needs a co-ordinated approach involving homeowners, insurers, Government, local authorities, planners and lenders, with a much stronger focus on prevention and adaptation,” he said. “If we can reduce the underlying risk, we can better protect communities and help keep homes insurable, mortgageable and saleable over the long term.”
