As the cost of living continues to rise and consumers find their personal finances stretched, an industry figure has warned people considering buying a property on a flood plain to think about the cost of home insurance for the property.

The warning, from moneysupermarket.com, comes after the Association of British Insurers (ABI) and the government reached an agreement which will ensure home insurance remains available to property owners at risk of flooding.

A plan of action has been formulated by the two parties that will see the government implement a long-term investment strategy, which will set out strategic flood prevention aims.

Other parts of the agreement include promoting access to home insurance for low-income households and raising awareness in areas where flood risks are significant.

A spokesperson for the price comparison site is warning consumers they should consider the cost of insuring their property if it is an area which is at risk of flood damage.

"I urge anyone planning to buy a home on a flood plain to think carefully about the impact location might have on their premiums," the representative said.

Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers' Association, recently warned property owners who live in parts of the country which are susceptible to flooding to install flood defences on their houses in order to obtain insurance cover.

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