Insurance For High Flood-Risk Homes- Steve Allen Advises

WHITEFIELD, U.K. - April 9, 2013 - PRLog -- Flooding has become a problem in the UK. Last year was the wettest on record in England, and was not far short of being the wettest ever across the UK. Of the five wettest years on record, four have happened since 2000.

As a result, home insurance has become a big issue. In 2008 the Government agreed a Statement of Principles with the insurance industry, to ensure that insurance covering flooding would be “as widely available as possible without distorting the market”. In other words, insurers need to offer flood cover as standard in most cases, but there’s no guarantee of cover for properties still at significant threat of flooding.

The Statement of Principles agreement expires in June and as yet there’s no replacement. If no further agreement is made, then according to the Association of British Insurers (ABI), “each insurer will make a commercial decision on renewal of policies, if they wish to insure new flood risk properties”.

Steve Allen head of Steve Allen Insurance, said: "Some people who are in a high risk area may find premiums high and cover levels reduced, some may find it difficult to insurance at all, but my advice would be not to skimp on your insurance premium if you are in this situation. When buying home and contents insurance you should always focus on getting the right cover, and not focus on the price. Many people find themselves under insured, which could cost them many thousands of pounds in the event of them making a claim.” Steve went on to say “It’s a false economy to save yourself £50 on your insurance and then find out when you do make a claim you are under insured or worse still not covered at all, Like most things, you get what you pay for. That’s why using a broker to find the best deal for you makes a lot of sense.”

About Steve Allen Insurance

Steve Allen Insurance provides all types of insurance cover including critical illness insurance, Life Insurance, Accident and Unemployment cover, income protection insurance and prestige home insurance (http://www.stevealleninsurance.co.uk/Products/prestige-ho...). Steve Allen Insurance is a trading name of Carrington and Company which is authorised and regulated by the Financial Services Authority.
Find out more at www.stevealleninsurance.co.uk or call 0161 766 1927