The Association of British Insurers have pointed out that as many as 200,000 homes may be unable to get insurance against flooding once current agreements between home insurance companies and the government come to an end on July 1 2013. At the moment an agreement called the Statement of Principles is in place which guarantees that homes at risk of flooding will be able to continue with their insurance while the government improves flood defences. As yet there is no firm commitment that the protection will be extended, and the ABI is keen to see the government take on at least some responsibility of for insuring homes at risk.

According to the Public Accounts Committee part of the problem is that it's unclear who is responsible for paying for improvements to flood defences, and the maintenance and building already costs around £1.1 billion annually. The government commissioned an independent report which discovered these costs could rise to anything from £1.5 billion to as much as £3.5 billion by the next decade.

Flooding can cause an incredible amount of damage to a home, not least because floodwater is often contaminated and presents a health risk. It can cause serious structural damage, and the property can take weeks to dry out properly before repairs can even begin. Last year flooding cost the insurance industry £1 billion, and although the weather has been relatively benign so far this year things can change quite suddenly. It's always worth checking the insurance on your buy to let property and making sure it is insured for the full cost of the rebuild value rather than its sale value, especially if it is an older or listed building which often cost more to repair.