According to a report on the news this morning, the clean up from the 2012 floods is expected to cost insurers over ?1bn and push property insurance premiums up for a fourth consecutive year.
The Environment Agency state that 8,000 properties were flooded in 2012 wreaking havoc for the property owner or tenant and more costs onto the insurer and ultimately policyholders who will pay the price. According to one-source; weather events in 2012 could lead to renewal premiums rising by up to 5% for those unaffected by the floods and by an inflation busting 50% for those flooded.
Not only are consumers facing challenges to get affordable post-flood premiums they are now being hit with a double-whammy of flood excesses on future cover of up to ?30,000, which as far as I am concerned is as good as having no insurance?at all.
There has to be some sense brought to the whole situation and much of this can be addressed by the renewal of the deal between the Association of British Insurers (ABI) and the Government to provide universal, affordable cover for all homes, including those in flood prone areas. This current arrangement (the Statement of Principles on flood insurance) comes to an end in the summer of this year and the poor people with properties affected by flooding need some certainty ? a deal cannot be put off much longer.
According to the ABI if agreement isn?t reached on a replacement for the Statement of Principles then around 200,000 homes in flood-prone areas could struggle to access cover, the Government for their part believe their primary role is to prevent flooding in the first place and are on course to spend ?2.3bn on preventing flooding and coastal erosion over this four-year period.
If your property is at risk of flooding and you are struggling to find quality, affordable cover then you need specialist Brokers who understand the challenges of flooding, they can offer professional advice and competitive terms from Insurers not frightened by the risks associated with flooding.
The Property Insurer?works with a panel of leading flood insurance specialists?please visit our site and complete the flood risk insurance form and they will be in touch to discuss your requirements and provide a quote at a time that suits you.
Doug Phelan
The Property Insurer
Category: General
Source: http://www.thepropertyinsurer.co.uk/blog/general/clock-ticking-flood-insurance/
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