Deal Could See End of Home Insurers` Threat to Pull Plug on Flood Cover
Released on: July 16, 2008, 7:30 am
Press Release Author: pressoffice@confused.com
Industry: Financial
Press Release Summary: Millions of households should be able to breathe a sigh of relief as insurers pledge to continue affordable flood cover. but only if the government sustains increased investment, says Confused.com.
Press Release Body: Following the 2007 floods, which saw insurers hit with £3bn in claims, The Association of British Insurers (ABI) threatened to pull the plug on flood cover - leaving millions of at-risk homes with inadequate home insurance.
The new deal, however, will see the ABI continue to offer flood insurance to homes at moderate risk and existing homes at considerable risk, as long as the government: upgrades defences within five years; raises public awareness to flood risk, and helps promote home insurance as a way to mitigate and minimise the costs of being flooded. With the future of flood cover looking more assured, Confused.com is warning people without insurance living in at-risk areas to take the opportunity to make sure they have adequate home insurance to protect themselves against the cost of possible flooding.
As around 25% of houses do not have home cover*, the consequences of living in a flood risk area and not having insurance, or only having insufficient cover, could be severe. Considering that claims from last year's disastrous flooding averaged between £15,000-£30,000, and that Environment Minister Phil Woolas recently stated that scientists believe, "extreme weather conditions are going to increase in the decades to come," you may want to ask yourself: "Can I afford the risk of being without home insurance?"
FLOOD TIPS:
If a flood's on the way
. Keep a copy of your home insurer\'s policy details and telephone number in a secure, dry place . Place sandbags outside doors, windows and airbricks . Turn off the mains supplies of water, gas and electricity . Move as many downstairs valuables as possible to the upstairs (including rugs, curtains and moveable furniture)
If your home has been flooded
. Ensure mains supplies of water, electricity and gas have been checked by a qualified engineer before reconnecting . Report damage to your insurer as soon as possible . Take photographs of damage as it may help your insurer to settle a claim . Keep any ruined property as insurers may want to inspect it
*According to the ABI one in four houses in the UK is uninsured
About Confused.com:
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it dominates the car insurance aggregator market with a massive 70% market share and generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance. Confused.com has 62 motor insurance partners, and customers can save up to on average £208. It also has a panel of 43 for home insurance, and customers who use Confused.com for home insurance can expect to save up to £193. Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators. Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.
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