Posts tagged risk

Flooding Risk Rises While Home Cover Is Cut

In Britain we have witnessed some of the most extreme weather conditions in recent memory, with boiling hot sunshine being followed by heavy thunder storms.

A recent report from the Environment Agency has said that more homes are at risk from flooding than ever before whilst at the same time many are attempting to save money by cutting back on things such as home insurance.

This has created a false economy for many with the cost of repairing flood damage far out weighing the money saved by cutting back on cover.

The report from the Environment Agency said that as many as one in six homes are at risk from flooding, this equates to around to around 2.4 million properties at risk from rivers, seas or surface water from overflowing drains.

Alongside these worrying figures the AA has said that one fifth of home owners are cutting back on insurance due to monetary constraints, this has left many home owners at risk.

Natural causes can be disaster for policyholders

Simon Douglas, the director of AA Insurance, said: “Many home insurance and car insurance claims are a natural consequence of severe weather, yet many people are cutting back on insurance, which can be a big mistake.”

Mr Douglas said that those homeowners who are cancelling their insurance or reducing their cover will certainly regret it if they should become a victim of flooding.

He said: “The insurance industry has a good record for helping people who have suffered at the mercy of extreme weather and there is no reason to expect that to change. Now would be a very good time for those who have not renewed their cover to look for a more competitive insurer, rather than cancelling altogether.”

For those who are wondering if they are at risk from flooding, they can sign up to a free flood warning service which can help people prepare for the worst. Once a warning has been sent out there are steps that can be taken to minimize the damage caused.

Tips for home cover

Darren Black, head of home insurance at a leading price comparison site has offered up a few tips.

He said: “Move as much furniture as possible upstairs. If you live in a house that doesn’t have a second floor, raise the furniture off the ground. Make sure you unplug electrical equipment and store it as high as possible and always turn off mains supplies of water, gas and electricity.”

“If you are a victim of flooding, call your insurer as soon as possible after water has entered your home. They will then assign you drying equipment to speed up the process.”

“It is always a good idea to take photographs of damaged items as this could encourage the insurer to settle claims quickly. Never throw away any damaged items. Keep these until after the claim has been settled, because some providers may want to inspect the damage.”

If you are one of the unlucky home owners who lives in a flood risk area, the truth is that cover is essential, but it is also important to take steps to minimize the damage. Whatever the circumstances home insurance is a must as the cost of repairing flood damage can run into thousands.