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As severe weather becomes more frequent, having waterproof insurance is essential.
Environment World News

As severe weather becomes more frequent, having waterproof insurance is essential.

Homeowners may experience higher home insurance expenses due to rising premiums caused by flooding and other severe weather occurrences.

According to consultants Pearson Ham, the cost of insuring both buildings and contents under home insurance increased by 40% in 2022 compared to the previous year.

Stephen Kennedy, director at Pearson Ham, states that the significant rise in prices is due to unforeseen and severe weather events. He anticipates this trend to persist for several months following the January increase.

Last week, the UK experienced over 100 weather warnings due to the arrival of Storm Henk, causing widespread flooding and damaging numerous homes. This is just one instance in a string of severe weather occurrences, including storms Babet, Ciaran, and Debi from the previous year.

Advocates for those impacted have stated that it is typical for residences to have inadequate insurance, potentially leading to insufficient coverage for a claim.

Rising premiums

Following the severe storms in October and November, the Association of British Insurers (ABI) reported that £352m was paid out by insurers to cover damages to homes.

According to recent data, the average price for a policy covering homes and buildings is £350.

According to Kennedy, premiums increased by 1.5% compared to last month during the first week of this month due to the impact of Storm Henk.

Insurance companies are facing twice the difficulty. The expenses for fixing damages have increased due to a lack of workers and elevated costs of materials. Chelsea Shakespeare from Adrian Flux, an insurance broker, explains that the combination of flooding, drought, and storm damage has resulted in a higher number of payouts, ultimately leading to an increase in premiums.

The ABI chose not to provide a statement regarding potential increases in prices, stating that it is up to each insurer to handle.

According to Shakespeare, the rise in flooding has resulted in a corresponding rise in excess fees for homeowners filing insurance claims. These fees can amount to thousands of pounds, and in some cases, coverage is completely eliminated in areas deemed to be at extreme risk.

According to Heather Shepherd from the National Flood Forum, a nonprofit organization aiding flood victims, it is a frequent issue for individuals with insurance to discover they are not fully covered when a loss adjuster evaluates the extent of the damage.

She explains that individuals may not be aware since they are typically inquired about their home’s worth, the value of its contents, and the number of bedrooms it has.

“Since obtaining home insurance is not a customized procedure, individuals may be taken by surprise.”

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According to Confused.com, the average cost of a flooding claim for buildings is £48,551 and £11,489 for contents. This can be a significant expense if you do not have insurance.

According to Matthew Harwood from the website, even if you believe insurance is unnecessary, it could be a valuable asset in a worst-case scenario.

“Be sure to thoroughly review your policy documents to ensure proper coverage in case a claim is necessary.”

According to the ABI, most home insurance policies include protection against damage caused by extreme weather events like floods, storms, or subsidence.

The extent of protection against floods varies based on the insurance company and the plan you select. Careful examination of the specifics will guarantee complete coverage.

According to Emma Myrie, from Homeprotect, not being honest about potential risks can result in insurance coverage being taken away.

The website of the Environment Agency can inform you if your property is currently in danger, if it will be in danger within the next five days, or if it is located in an area that has a high likelihood of flooding in the future. This information can be beneficial if you are considering relocating.

Individuals residing in regions with a heightened likelihood of flooding may have the opportunity to obtain insurance coverage through Flood Re, a governmental program that provides discounted insurance to particularly at-risk structures.

It operates via insurers and charges a fixed fee based on council tax bands for buildings and contents. Not all insurers participate, however.

Improve the resilience of a home.

There are actions that can be implemented to decrease your insurance cost. According to Myrie, “Insurance providers may provide more favorable conditions if they observe that a policyholder is actively working to mitigate their risk.”

Air brick covers can help reduce water infiltration and typically start at £10 each. Flood barriers can be installed in doorways to prevent water from entering during a flood, with prices starting at approximately £430.

According to the Property Care Association, a professional organization, it is recommended to install a return valve in drains to avoid sewage or floodwater from entering the property.

Waterproof solutions can be applied to brickwork, and any openings around pipes or wires should be sealed.

According to the ABI, implementing adequate drainage systems on a property can be beneficial. Louise Clark from the ABI suggests incorporating eco-friendly techniques, such as incorporating grass and plants or using permeable paving, can aid in soaking up excess rainfall and minimizing the risk of floods.

Source: theguardian.com