Fairinvestment.co.uk comments on yesterday's Pitt Report

26 June 2008 / by Rebecca Sargent
The Pitt Report released yesterday has drawn attention to the thousands of home owners who found their homes flooded in 2007.

According to statistics from the Association of British Insurers, home insurance providers dealt with the equivalent of four years worth of claims in just a few months in 2007. The figures also show that more than 17,000 policy holders were given temporary accommodation as their homes became uninhabitable.

Consequently, Fairinvestment.co.uk is offering a reminder to all homeowners to check their home insurance cover. Director at Fairinvestment.co.uk, James Caldwell comments:

"The sheer number of homes affected by the floods last year just shows the impact that flooding can have and how unexpected they can be. We welcome the Pitt Report and agree that fundamental changes need to be made in the way the UK deals with the apparent increase in risk of flooding.

"We would also like to remind ALL homeowners of the importance of adequate home insurance. The Pitt Report points to an increased risk of flooding in the UK, demonstrated by last years sheer unexpectedness, which indicates that floods could potentially affect anyone."

The Pitt Report also points to the need for home sellers to give potential buyers information concerning floods. Mr Caldwell comments: "We also welcome the Pitt Report's calls for information on a property's flooding potential to be more readily available. Without this information people could be buying a property blind, and could find that their new home is uninsurable.

"As homeowners and first-time buyers are already struggling as a result of the credit crisis, the last thing they will need is to discover their home insurance premiums are through the roof." Mr Caldwell concluded.