2021 is yet another erratic year weatherwise. The UK prediction is to expect heavy summer rain as a new normal. That means more flooding like Boscastle, the Somerset Levels, and York – all seen in the last 10-15 years. Such flooding is hard to predict on anything other than a short

Insurance Companies Analysing the Situation

The insurance industry has tracked trends for the last few years. There is now a clear trend that, as far as commercial properties are concerned, flooding-based claim spikes occur in July and August. They represent the two months most likely to see claims for flooding.

It is now in such a state that one third of commercial properties in the UK are at threat from flooding. But there is actual data to support this – July 2021 saw a huge spike in flooding claims across the board.

Businesses “Lack Information” to Protect Their Operations

Recent analyses of UK weather trends clearly shows that flooding (the most common extreme weather event in the UK) is no longer confined to autumn and winter. It confirmed insurance data that July and August are particularly concerning.

The industry research also demonstrated that many small businesses lack the information to help them make good business decisions. With Brexit and COVID-19, more medium- and longer-term planning has gone to the back of the queue for planning and mitigation.

Around 57% of SMEs believe climate change will impact their businesses over the next ten years, with flooding among the top concerns.

Residential Properties Prioritised

Businesses and business leaders state that when it comes to flash flooding and other extreme weather, residential properties are prioritised. This is understandable, but it does leave businesses and local economies in limbo. According to the Environment Agency, one in every six homes are under threat from flooding right now.

As a residential property owner of student properties, you are in a unique position in that your business is residential properties. The impact here is both on your business loss of income, and the tenants on whom you rely for your income.

What You Can Do If Your Property is High Risk

There is nothing you can do to stop flooding from happening, but there are measures you can take to mitigate.

Firstly, you need an insurance policy against natural disasters like flooding. This will cover emergency property for your student tenants in the result of a flood. If you don’t have a policy to cover this, your student tenants will seek rent reduction if the number of rooms are restricted or may seek to terminate the agreement if they cannot use a property for which they pay rent.