What to consider when you take out home insurance
Every year many people renew or take out new home insurance policies to protect their belongings against theft and damage, but a recent report has highlighted how many of these people overlook necessities when taking out home insurance cover and forget to take into consideration basic needs that could end up costing them big time in terms of their finances. Read more
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Insurers warn of premiums rise due to floods
July 18, 2007 by admin
Filed under News, News-Insurance
Home insurers warned yesterday that premiums might increase across the board due to their being hit by claims from the recent floods in the North.
People living in homes which have been flooded before will be hardest hit by the increases, although most will have to pay slightly more as the industry responds to the apparently quickening frequency of extreme weather in the UK.
The recent floods follow the flooding in Eastern England in 1998 and the deluge at Bocastle in the west country three years ago. Most policies are currently calculated on a once-in-75 year risk.
David Ross at Norwich Union said that “modest” premium increases would take effect, although he also pointed out that, in a competitive market, the cost of home insurance “has remained level” over the previous decade.
A spokesperson for the AA said that “extreme weather conditions” will “become more common” due to climate change.
A price comparison website reported earlier this week that the number of people taking out home insurance cover had risen by 300 per cent in flood-affected areas this summer.
The Association of British Insurers (ABI) also announced that it would work more closely with councils to help plan emergency responses to natural disasters in the UK and lobby for extra government money for flood defences.
How much will home insurance cost me?
Well that depends on a wide host of factors, as every persons quote is tailored to their home and their circumstances. Insurance is never ‘one size fits all’ as different circumstances present differing risk sizes. For more on insurance ‘risk assessment’ please see our other articles. Read more
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