Over 1,000 insurance claims following earthquake

| February 28, 2008 | 0 Comments

Following an earthquake in the early hours of Wednesday morning, at least 1,100 insurance claims were received in the first 12 hours after the tremor, according to Abbey.

The earthquake which measured 5.2 on the Richter Scale was Britain’s most powerful for almost 25 years.

There have been reports of structural damage near to the earthquake’s epicentre close to Market Rasen in Lincolnshire. However, the tremor was felt as far south as London and was also reported as far North as Yorkshire.

The quake was considered moderate by global standards but is relatively rare for the UK, which experts say can expect to experience similar-scale earthquakes about once every ten or 20 years.

Tony Beckwith of Abbey said homeowners in the UK can be forgiven for not having policies covering earthquake damage, but failure to do so could be ‘staggering‘.

Like the floods of last summer, it is hard to prepare your home for unexpected incidents like yesterday morning’s earthquake, added Mr Beckwith.

These incidents can significantly affect the structural safety of a home, but with a good insurance policy that offers comprehensive protection for your property, your ability to recover from the unexpected will be a lot easier, concluded Mr Beckwith.

The Association of British Insurers (ABI) said claims were likely to run into the low tens of millions of pounds. A spokesperson for the ABI said one event of this nature will not push up premiums across the board. Insurers expect to deal with these incidents.

Finally, Direct Line is urging householders to check whether their home has been affected by the quake by inspecting roof tiles, chimneys and walls.

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