Home Insurance Set to Rise by £15 Due to Flooding

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Even if you have managed to avoid the extensive flooding which has affected much of the UK this winter, everyone is going to feel the effects when it comes to renewing home cover.

Talking about the NEWS

Flood Repair damage has cost £1.5bn

Recent industry figures issued indicate that the total cost of repairing the damage caused by flooding and storm damage could easily surpass the £1.5 billion mark. Many industry professionals feel that this estimate is conservative, as the last major floods in 2007 cost upwards of £3 billion. Of course in the long run everyone with insurance is going to feel the effects of the flooding, as the industry will cover the cost of these extra claims by adding, on average, £15 to every policy in the UK.

Flood Levy

The bad news for policyholders doesn’t stop there though, as it is expected that each and every one of us will foot the cost of the government’s plan to ask the insurance industry to set up a Flood Fund to cover repairs to properties where the homeowners are unable to get flood insurance. Plans for this fund are at an early stage, but many believe that this could add another £10 a year.

Minimising Costs

Nobody likes paying more for cover than they have to, and it’s more important than ever to shop around for your insurance and get the most competitive quote possible. Cheapest isn’t always the best when it comes to buildings and contents insurance though, so always compare the level of cover to ensure you are not downgrading your policy and that the level of cover is appropriate for all of your needs.

Policy Expert

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The views expressed here are solely those of the author and do not necessarily reflect the views of Policy Expert.