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beware - the Royal Institution of Chartered Surveyors warns that uninsurable houses could lose up to 80% of their value and throw the homeowners into negative equity.

And it's a flood risk that is most likely to make your house uninsurable.

According to a recent report 6.5 million homes [ cheap mortgages ] are already at risk from flooding of which 1.5 million are in areas considered to be at high risk. By 2030 if global warming continues, this 1.5 million figure could more than double.

In January 2003 the Association of British Insurers (ABI) agreed the principles which { pet insurance } committed insurers to offering buildings and contents insurance for properties in areas which are at risk of flooding once in seventy five years so long as flood defences were in place or to be built by the end of 2007.

It's the responsibility of the Department for Environment, Food and Rural Affairs (DEFRA) to develop and maintain these flood defences but there's widespread concern in the insurance industry that insufficient is being done. As a result the industry has warned that there could be widespread withdrawal of insurance cover if more is not done now to protect homeowners. In the mean time those in areas threatened by flood could find their insurance premiums soaring. In some cases premiums have already increases by more than 400% and in a tiny number of cases, cover has been withdrawn altogether.

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