Britain has been battered by severe weather in the past twelve months, with severe flooding and weather damage in the wettest winter since records began. Home owners have claimed on their home insurance policies, mopped up the damage and got on with repairing their properties. However, new fears about changing patterns in weather lead some experts to think that in the future events like flooding could be so common that some British properties become effectively uninsurable.
All insurers, whatever sort of insurance policy they are selling, operate on a risk management basis. If you are judged more likely to be flooded or burgled, you pay more for cover than people living elsewhere. The worry is that with increased frequency of flooding, premiums will rise at such a rate that they become unaffordable for most or insurers will just not offer insurance at all.
In the wake of the winter floods the government announced that they would set up a scheme called Flood Re in an attempt to make sure that home buildings and contents insurance stays affordable, whatever your flood risk.
However homeowners have to take some responsibility too, and if you have been hit by flooding or other claims due to extreme weather, it’s more important than ever to spend some time shopping around, comparing policies from different insurers and making absolutely sure that you have the best cover on the market, at the best price.
According to a major insurer, there are very few homes in the UK which are completely uninsurable, and premiums in the home insurance market do not rise and fall as rapidly as in other areas of the insurance market. It does seem though that extreme weather is to become more common in the future, so shopping around and comparing is likely to become far more important in the future.
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