Flooding Hits Insurance Premiums
Last year's flooding has put home insurance premiums at their highest ever rate.
For most of us, we watched in horror at the devastation that raged through whole villages, but now it seems that after the flood plains have gone and lives are finally returning to normal we are now been hit by another wave of charges.
Latest figures show that during the past 3 months the average quoted premiums for home and buildings insurance has risen by 1.4% to around £220 for an annual policy. This follows a rise in the previous quarter of 3%.
The floods of last summer were the worst that some part of England had seen in nearly 60 years and for some came without warning. Domestic Property Insurance Claims are estimated at around £750 million since the flooding and with more rain forecast the cost of insuring your property is only going to rise.
Those who witnessed the floods first hand last summer and claimed on their insurance have seen their premiums double and in some cases the excesses soar to £30,000 or more, with the average cost of repairing each home estimated by loss assessors at around £52,000.
The Government is now being urged to review flood spending plans amid fears that residents in flood risk areas will no longer be able to insure their homes.
If you have no choice but to make a claim, make sure that you seek the proper advice. Contact us free to charge let our loss assessors work for you to get you the best possible settlement.
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