Insurers are warning that despite the statement of principles agreement, whereby the insurance industry agrees to offer cover to home and business owners against flood damage, as long as the government invests adequate amounts into improving Britain’s flood defences, may not be guaranteed.
While insurers are keen to offer cover at affordable premiums they believe this can only be achieved if the Uk’s flood risk is properly managed.
Those of us with current home insurance policies will continue to be covered and are unlikely to be turned down when renewing those policies with the same insurer. But those with a habit of switching insurers should be careful to check the cover offered when seeking alternative quotations.
Home owners buying insurance for the first time would be best advised to avoid owning property in areas of flood risk, as it is unlikely that any cover will be offered at a reasonable cost.
As a result of last years storms and flooding problems, specialist flood insurers are appearing on the home insurance market. But beware as these policies will almost certainly have a high premium and include a provision that you invest in flood defences to prevent water from entering your home.
Which sort of negates the idea of having insurance in the first place.
0 comments so far
There are no comments for this post yet. Why not be the first by filling out the form below.