Gales and flooding - how will it affect your insurance
0 commentsA few weeks ago, parts of the UK were bracing themselves for winds of up to 80mph and the threat of coastal flooding. Abbey Insurance reported double their normal level of calls from anxious members of the public wanting to check their insurance cover and claims rose by 55% to the highest level since last summer when violent storms hit parts of the country.
On top of the damage caused by the storms, claims arising from last month’s earthquake are expected to amount to £30 million, making hard pressed insurance companies more likely to increase premiums to recoup their losses. Not all areas have been equally hit, so the advice from Confused.com is to shop around for a competitive premium.
With natural disasters such as the earthquake and freak weather conditions, the need for good home insurance has never been greater. Last summer, applications for home insurance rose by 300% as a result of the storms and in the case of one badly hit area the increase was a staggering 1700%.
However, 1.78 million homeowners are still without insurance, whilst 0.6 million of us are so laid back that we do not even know whether we are covered. Perhaps surprisingly, only 2% of the uninsured group cite financial reasons for the lack of cover, with 39% saying that they do not feel that it is necessary. 2.3 million homes in the UK are built on flood plains so it is to be hoped that the 39% turning a blind eye to the risks of natural disasters are not amongst them.
The recent weather conditions have also highlighted the importance of good insurance cover for your vehicle, which can be badly damaged in a storm, and also for travel insurance, in case your arrangements are subject to cancellation.
Comments
No comments have currently been left
Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.