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Flood Insurance

With the spectre of climatic change brought about by global warming many more homes are in danger of becoming flooded than had previously been the case. Those living close to rivers or in other flood risk areas are of course especially vulnerable, but flash floods can occur almost anywhere very quickly and sometimes there isn’t time to take all the necessary precautions to minimise damage. Although approximately one in every six homes in the UK deemed to be at risk of flooding, no home is entirely free of risk.

Insurers are paying out more than ever before. In the summer of 2007 insurers around the United Kingdom paid out in the region of £2.5 billion following severe floods. Two years later the bill was £175 million in Cumbria alone. Needless to say insurance companies will recover what they pay out in flood insurance by increasing premiums.

The spring and early summer of 2012 has seen the most rainfall since records began. Premiums are already beginning to rise, and the government is in discussions with the industry to ensure that over 200,000 homes that are considered to be at special risk will still get cover through a change in policy

which will see an extra levy which will benefit threatened households without exposing insurance companies to further risk. This has happened in response to indications that flood insurance is not sometimes realistically accessible by those living in areas of high risk, in other words insurance companies have been able to cherry-pick low-risk dwellings for the provision of insurance.

The agreement currently in force between the government and the industry is known as the Statement of Principles, and this obliges insurance companies to include flood insurance as part of their regular package in most instances. When one considers that a typical home and contents insurance will cost in the region of £350, whilst the average cost of flood damage is in the area of £20,000 to £30,000, it certainly makes sense to have it included.

A flood can be anything from an inch or less of water covering the floor to a deluge which forces the occupants out of their home. Even the former can result in ruined carpets, warped floorboards, damage to electrics and so on.

As with any type of policy the cost of flood insurance can vary, sometimes significantly, between providers. Using an online flood insurance comparison site will enable potential clients to compare not only flood insurance prices but also the extent of the flood insurance cover being offered, which again might not always be the same.

You can now compare flood insurance for UK addresses by using the flood insurance quote comparison websites and companies such as those shown above. Compare cheaper flood insurance quotes today and find the best flood insurance cover for your requirements.

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