Home insurance market remains competitive

Prices in the home insurance market are still competitive despite predictions that flood damage claims earlier this year would inflate premiums, according to the British Insurance Brokers’ Association (BIBA).

Graeme Trugdill, technical services manager at the organisation, commented: “Home insurance is still ultra-competitive and you see during any advert break on TV, companies saying we will be your cheapest home insurance option. It is still very competitive.”

Although many thought the flooding would hit home insurance consumers hard, he insists there are still some good deals out there.

He advises those looking for cover to seek advice from an independent source to compare the best ones available.

According to a BBC Panorama programme, in the three months up to July 23rd this year, rainfall was over double the average for that time of year.

Furthermore, it reported that 60,000 homes were hit by the summer’s floods, with the environment agency stating that the chance of London’s flood barriers being overwhelmed by flood is currently at 0.05 per cent.

Tags: Financial economics, British Insurance Brokers, London's flood barriers, cover, flood