If you live in a flood prone area, there is a good chance that you will not be able to obtain relevant home insurance or may be charged extremely high premiums. This may be frustrating for the few who live in no danger but are located near houses that are, the only reason for their high prices or nil cover is that they share the same postcode.

Norwich Union, one of the leading brands in home insurance have devised technology which enable them to check a properties flood risk by each house rather than street or village. This will enable thousands of people who are currently paying over the odds on policies, when they do not need to, the chance to save money.

The technology has been tested in Shropshire and Norfolk and has now been rolled out across the country costing the home insurance provider millions of pounds.

A spokesperson from the home insurance giant said that "The ability to pinpoint whether an individual house is on a hill or raised ground, and how floodwaters will flow, is invaluable in the fight against flood damage."

Insurance has been rising since the birth of the credit crunch and every type of cover has been affected such as auto, life or home. Payouts are becoming smaller and premiums are steadily rising so obtaining cheap cover is essential to everyone.

Find out exactly what you need covered and decide whether you need all the add-ons as these will bump up the cost of your premiums.

Cheap home insurance is available if you shop around and if you compare home insurance quotes online you can do it even quicker. Make sure you also research for contents insurance for your property.