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Sharp increase in home insurance applications

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by Kay Mitchell
”Sharp

Home insurance applications have increased significantly since June in the areas affected by floods. The price comparison website, moneysupermaket.com, said that applications from the residents in the West Midlands, Hull, Doncaster and Sheffield increased by 300% in June, compared with May.

A spokesperson for moneysupermaket.com has commented that homeowners who escaped the floods have realised that they could have been faced with bills for thousands of pounds. In areas such as Doncaster and Sheffield, home insurance costs around £110 but there are rumours that some insurers will blacklist up to one million homes built in flood risk areas.

According to The Environment Agency, it is estimated that 2.3 million homes are built on flood plains but 40% of property owners in the UK do not to have home insurance, meaning there could be over 900,000 uninsured homes in areas with a high risk of flooding.

This suggests that buildings and contents insurance premiums have not risen in response to the high level of claims because insurers are keen to maintain their market share. Insurers are urging the government to carry out its flood defence programme or premiums could increase tenfold.

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News posted: July 23, 2007

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