The Association of British Insurers estimates that as many as 200,000 UK homes could find themselves uninsurable after 2013 when the government agreement with insurance industry which safeguards insurance policies for high flood risk homes comes to an end.
At present, homes in flood risk areas are protected thanks to an agreement known as the Statement of Principles between the government and the insurance companies. This guarantees insurance cover for all properties regardless of whether they are at increased risk of flood damage.
The term was put in place to allow the government time to improve flood defences, however the agreement is due to come to an end on July 1st 2013, after which the insurance companies will no longer be obliged to offer policies to these types of high risk homes. At present, there are no plans to extend the current agreement.
According to the recent research conducted by the Association of British Insurers, approximately 200,000 homes are at risk of flooding with property in Boston and Skegness found to be at highest risk in Britain followed by homes in the Vale of Clwyd, Folkestone, Hyde and Windsor.
The ABI is calling for the government to intervene and take some responsibility for the funding of insurance for the high flood risk properties, while environment agencies are calling for more action to be taken to improve the flood defences, however progress on this has been slow as there’s some discussion over which departments are responsible for funding these improvements.
A recent survey conducted by the AA Insurance group has estimated that the cost of home insurance rose by 10% over the course of 2011.
Insurance provider, Direct Line, has unveiled plans to launch a January sale on its home insurance policies this week. So if you’re looking to re-evaluate your outgoings and streamline your spending ready for the New Year, Direct Line are offering some highly competitive deals on their home insurance packages to help you cut back your spending in 2012.
Zurich has become the first insurance provider to launch a smartphone application for home and 
As the run up to Christmas gets fully underway, your house becomes more of a target to burglars as we bring home the goodies ready for the big day. On average in the UK we spend £624 each on presents and food and drink, which means the value of your contents increases significantly during this time, so to avoid falling victim to thieves, it’s worth checking with your home insurance provider to ensure these extra items are covered should the worst happen.
Insurance experts are warning homeowners to be extra vigilant this week as this period is notoriously popular with criminals who use the extra hours of darkness to cause damage and break into property.
Music fans planning a trip to a festival this summer are being urged to insure their gadgets such as digital cameras, phones, iPods and MP3 players before they leave for their trip as the accumulated cost of these items can run into hundreds, if not thousands of pounds.