Are you aware of what storm or flood cover you have for your property? Have you checked your fine print ahead of the turbulent weather? If not, it’s worth investigating your current cover, or ensuring you renew soon with these elements factored in.
Your buildings insurance should provide cover for damage caused by floodwater entering your home, be it from heavy rainfall, storms, high tide, or a river bursting its banks. In addition, contents insurance policies cover possessions damaged by storms and flooding.
Most major insurers are signed up to the government's Flood Re scheme, which guarantees that homeowners living in high-risk areas will be able to secure insurance against flooding. Despite this, some problems remain. In 2020, the government commissioned an independent report into flood insurance, which used Doncaster in South Yorkshire as a case study. The report found that despite the Flood Re scheme, a 'small but significant' number of homeowners in the town had home insurance policies that excluded flood cover. You can find out whether your insurer is signed up on the Flood Re website.
Is your home in an area at risk of flooding?
Its worthwhile checking to see if your home is in an at-risk area, as this could impact the premiums you pay for your insurance.
Flooding is a very real concern for many UK homeowners. The British Insurance Brokers Association (BIBA) says one in six UK properties are at risk of flooding, and that number could be set to rise.
Damage from storms (42%) and flooding (18%) were two of the most common reasons for weather-related claims, with the average storm-related claim valued at £3,500.
You can check the flood risk in your area here:
Things to be aware of:
If you live in a high-risk area, you might be quoted a higher price for your insurance (as above) or be required to pay a bigger excess. In addition, some parts of your property, such as outbuildings or fences, may not be included in standard insurance policies.
It's a similar case when it comes to cover for specific types of damage. Groundwater flooding isn't included in most policies, and coverage for burst pipes varies. For example, if a pipe bursts, damage to your home and possessions should be covered, but to get the pipe fixed you might require additional home emergency cover on your policy.
How to secure a suitable home insurance policy
This part is fairly simple, get in touch with us today to discuss your needs. Your circumstances are individual to you, and its important that you secure cover for your personal needs.
Get in touch with us today to organise home cover ahead of any stormy weather.
SPEAK TO AN ADVISER
Source: https://www.which.co.uk/news/article/storms-ahead-how-the-weather-impacts-home-insurance-premiums-aCUJj8o8ovCf