Why Rain Equals Pain for UK Home Owners
19 July 2012
In addition to the obvious misery which a flooded property can cause, this article looks at why home owners could be faced with more pain as a result of the recent storms.
At the time of posting this article the rain after what seems like months has eventually stopped. And yet with further heavy rain forecast more flooding, for certain parts of the UK, could soon be with us as current water levels have not had a chance to decrease.
With the flooding of 2007 costing the insurance industry around £3 billion it will perhaps come of no surprise that the latest bout of flooding could see insurance companies increasing home insurance premiums. And with some 200,000 UK homes still unable to get flood cover on their insurance policies, the insurance industry and the government remain in talks to ensure adequate cover can be put in place.
With the safety net for covering flood-risk areas due to end this year, local government wants it replaced so the insurance available is affordable and fair. Some families are already struggling to find cover but soon tens of thousands more could be facing the same problem.
Nick Starling – Director of General Insurance at ABI said members were determined that flood insurance remained as ‘widely available and competitively priced’ as possible. LGA and local authorities need to be involved too ‘they need to commit to investment in flood defences and ensure that there is no more foolish development in high flood risk areas particularly given the rising flood risk’.
Nicola Taylor of Northern Counties Insurance Brokers had this to say, “The truth is that the volume of claims which insurance companies have received as a result of flooding in recent months and years is likely to result in increased home insurance premiums. As an independent insurance broker our job is help our clients find the right cover to suit their needs at the best possible premium whilst providing them with advice to ensure the most important things in their life are always protected.”
Nicola went on to say, “We will continue to work with the UK’s leading insurers so that our clients get the protection they need at a premium they can afford.” To see how Northern Counties can help with your Home Insurance visit www.ncinsurance.co.uk
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