Some insurers offer discounted premiums to people who arrange flood protection for themselves. Halifax General Insurance has a deal that makes it possible for customers who install Floodskirt protection to reduce their premiums by 20%.

Homeowners who aren’t covered could find themselves in a financial crisis. According to the Royal Institution of Chartered Surveyors, homes on known flood plains could lose up to 80 per cent of their value if they aren't covered. And for people who are able to get coverage, this often results in high premium increases. Research by Insuresupermarket.com has shown that premiums may be boosted by 60 per cent or more for properties that are in a flood plain.
Flood maps which are used by insurers show the areas most at risk and least at risk of flooding. There are pros and cons with using an insurer like this. On the one hand their sophisticated method of assessing risk may work in your favour if you are in a low risk area, allowing you to pay lower premiums, but the risk assessment will apply equally if your area happens to be most at risk, which could lead you to paying higher premiums. Richard Mason of Insuresupermarket has said: “Switching to an insurer that has adopted a more sophisticated method of assessing risk could save you more than £100 a year. But it might also show you to be a higher risk.”