Cold weather could result in huge insurance claims

It has been claimed in a recent report that the cold weather that has swept across Britain could result in a billion pounds worth of insurance claims this year. The claims has been made by the Association of British Insurers, which believes that the cold weather is going to cost insurance firms dearly, with claims being made for all sorts of weather related damage.

Just over one billion is said to have been paid out to homeowners by insurance companies last year following what turned out to be the coldest winter in thirty years, according to the ABI. The association warned that damage such as leaks and burst pipes could cost insurance firms a massive £11 million per day this year.

The Insurance Information Institute reported that last year winter storms and weather cost insurance firms in the United States around $770 million, and this was said to be the lowest total in eight years.

The freezing weather and sub-zero temperatures in the UK have resulted in many schools being closed and chaos on the roads of Britain. With temperatures continuing to plunge many people will find themselves having to cope with problems in the home, for which they may end up having to claim from their insurance firms.

Consumers are urged to make sure that they have winter insurance cover in place, and make sure that it is adequate and covers their needs in order to ensure that they are able to make a claim should any problems arise. Homeowners should also make sure that their heating is serviced so that it does not break down and to reduce the risk of pipes freezing and bursting.

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