UK Money News
3rd July 2008
Flood defences 'can help with home insurance'
Homeowners in flood-prone areas can improve their chances of securing home insurance if they invest in flood defences, the British Insurance Brokers Association (Biba) has claimed.
Last summer insurers handled 180,000 claims and paid out over £3 billion in compensation and with further floods predicted in years to come it is likely that those affected may find it harder to secure home insurance.
However, according to Graeme Trudgill, technical and corporate affairs executive at Biba, this need not be the case if homeowners take the initiative and improve defences for their home.
He explained: "We have a scheme that our brokers sell for people in those flood prone areas and if they do fit those defences then it means that they can get insurance.
"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."
Last week, Sir Michael Pitt called for "urgent and fundamental changes" in the way the country is adapting to the increased risk of flooding in his Pitt Review: Lessons learned from the 2007 floods report.
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