A year on from the devastating floods that hit many parts of the UK in 2007, research from Moneysupermarket.com has shown that it is still possible for homeowners in affected areas to secure home insurance cover despite being classed as a high risk.
Moneysupermarket analysed premiums for the twelve months to June 2008 for Tewkesbury which is now classified as a high risk flood area. From this two different stories emerge. The first shows that despite the increased risk for flooding in this area, homeowners who haven’t made a flood claim are still able to get competitive insurance from a wide range of insurers.
Unfortunately, it's not so easy if a flood claim has been made as only three insurers; Halifax, Birmingham Midshires and Sainsburys return any quotes. The good news is that these insurers still offer competitive premiums, with quotes on average only 5% more expensive than the previous year.
Head of insurance research at moneysupermarket.com, Peter Gerrard commented: "It's been a year since floods hit homes in Yorkshire, Gloucestershire and other parts of the UK. Those living in high risk areas can take some reassurance from our research. It is not all bad news, even if a claim has been made for flood damage, and although only a handful of insurers will provide a quote, premiums remain incredibly competitive, highlighting the benefit of shopping around for your cover".