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Flood defences will help with home insurance
04 July 2008
Homeowners who install flood defences are more likely to be offered home insurance if they live in a flood prone area, according to the British Insurance Brokers' Association (BIBA).
With around £3 billion being paid out to 180,000 claimants last summer because of the severe flooding, according to the Association of British Insurers (ABI), few insurers are willing to insure homes that are at risk of flooding.
By installing flood defences, homeowners will reduce the chance of their property being affected by water damage and are more likely to get home insurance, claims BIBA.
Graeme Trudgill, technical and corporate affairs executive at BIBA, said: "If they do fit those defences then it means that they can get insurance and...if there are no claims after a couple of years their excess will be very low and the premiums should be very fair as well."
According to ABI, the vast majority of the 17,000 people for whom insurers arranged temporary accommodation have now returned to their original homes.
