Tag: uk homeowners insurance

Homeowners insurance could cost less than what is being paid

Homeowners Insurance

British policyholders could save nearly £700 per year by comparison shopping. According to recent research, homeowners insurance in the United Kingdom is costing an average of £125 per year, per household, more than it needs to, simply because people are choosing to stay with their existing provider instead of shopping around. This is an estimated waste of £687 every year, according to a U.K. comparison site. The data analysis also determined that 29 percent of all homeowners insurance policyholders in the country simply automatically renew their policies with their insurers…

Read More

Many U.K. homeowners may not be able to obtain flood insurance by 2014

H. Cutner

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…

Read More

UK property owners struggle to find home coverage into 2013 as flood insurance agreement ends

Approximately 200,000 U.K. homeowners face fears over a struggle to adequately insure their properties after the flood insurance agreement ends in 2013. Since 2000, the Provision of Flood Insurance Statement of Principles has been continuing an agreement between the Association of British Insurers (ABI) and the government. It states that homeowners’ insurers must make flood insurance as accessible as possible to residents of the U.K. This has make homeowners’ insurance available to customers who are living in regions with a high flooding risk. However, this agreement will end as of…

Read More

More than 200,000 UK homes at risk of losing flood insurance coverage as agreement between the government and insurers comes to an end

H. Cutner

More than 200,000 homes in England and Wales could go uninsured once a pact between the nation’s flood insurers and government comes to an end in 2013. The Association of British Insurers (ABI) has warned that these homes would have profound difficulty in attaining new flood insurance policies once the agreement comes to a close. The ABI has been examining data provided by the UK’s Environment Agency regarding the potential for severe floods in both regions of the country. The issue has highlighted a major problem in the UK’s insurance…

Read More

Thousands of UK homeowners could lose their insurance coverage if a new deal is not worked out between the government and insurers

Nordstrom

In the United Kingdom, an agreement between the government and the country’s insurance industry is scheduled to come to an end in 2013. The agreement was first struck in 2008, after severe flooding caused damage to homes a year earlier. The agreement saw insurers offering coverage to homes found in high-risk areas, where flooding is very common during rainstorms. The Association of British Insurers wants the government to shoulder some of the burden associated with covering these risk-prone properties, but if the government denies re-negotiating the deal, thousands of homeowners…

Read More