The Financial Blog

Peter Gerrard, head of insurance research at price comparison site Moneysupermarket.com Comments on the final report of The Pitt Review, he said:

“The final report of The Pitt Review is certainly a step in the right direction for managing flood risk in the UK. It has been one full year since floods hit Britain and homeowners in flood risk areas are already finding it difficult to find affordable and competitive insurance cover, especially if they have already made a claim for flooding.

“The ABI estimates that in some areas affected by the summer 2007 floods just a quarter of homes had contents insurance, yet in the aftermath, insurers received around 165,000* claims related to flooding - equivalent to four years worth of claims.

“Looking forward insurers may be reluctant to insure homes in flood risk areas, especially for properties where a claim for flooding has already been made. Anyone planning to buy a home on a flood plain should think carefully about the impact location might have on their premiums, or whether they can insure their home at all.

“I urge homeowners to ensure they have adequate insurance, whether living directly in a flood risk area or not. With last year’s dramatic events in mind it is crucial to check your home and contents are covered. If faced with a flooding situation the last thing you want is to find yourself underinsured or worst - not covered at all.”

>>Click here to compare home insurance

This entry was posted on Thursday, June 26th, 2008 at 2:53 pm and is filed under Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.