Insurance Claims Come Flooding In!
The last few days have seen some of the worst weather on record in the UK with some places seeing a months rain fall in only a matter of hours. Many homes and businesses have been wrecked and current estimates put the cost in the region of £1 billion.
The insurers are now ready for a deluge of claims, but what next for the inhabitants of these areas at danger of future floods?
We have seen similar patterns in the past with identical weather conditions, which have resulted in a massive hike in premiums and even harder fought battles for insurance payouts. While these climate situations cannot be forecast, and may well happen again in the future, it is the poor residents and businesses left behind who have to count the long term cost.
Even now we are seeing suggestions that premiums will rise all over the UK for next year, and there is speculation that some areas will become almost “uninsurable†- leaving many at the mercy of the elements. It seems inevitable that the government will step in at some stage, but they have never really been quick coming forward in the past.
It seems that many UK residents will need to shop around for the best bargains next year, when the sector will be looking to make up for loses this year. Ensure that you check as many insurers as you can when your renewal date arrives - otherwise it could cost you in a big way!
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