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Storms bring insurance reminder
11 March 2008
Current talk of early spring storms serves as a reminder that good insurance policies underpin any financial plan.
With the Met saying that the rugged weather is set to continue, Lloyds TSB reported claims were up 150 per cent for an average sleepy Monday morning.
While winds lashed the coasts of west and south England, the associated problems of cuts to electricity and disrupted transport services are likely to cause headaches for many living in those areas.
Phil Looney, managing director of Lloyds TSB insurance, said that there was a strong possibility that flooding could follow winds.
"So far all claims have been storm-related but, with today's spring tides, we're prepared for flood claims to come through as well," he added.
The floods in the Yorkshire area in July 2007 underscored the importance of insurance, with many either underinsured, or not insured at all.
Although some people are reticent to part with their hard earned pounds on insurance, experts say that without cover, investors are leaving themselves open to a major financial storm. 
