Ms Josephine Feehily:

The definition in the law is market value. Usually, despite comments to the contrary, most people have an idea of the market value of their house. If a house or residential property has certain characteristics to do with location, that will influence the market value, either positively or negatively. Therefore, it seems that in the case of people whose properties are vulnerable to flooding, that will have an impact on the market value. They would be perfectly entitled to assess their property themselves, based on their best judgment, at quite a low value.