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Flooding 'may offer opportunities for specialist home insurers'

06 August 2007
The recent spate of flooding around the UK may present an opportunity for specialist home insurance firms, it has been claimed.

According to comparison service, some traditional companies may look to increase the cost of cover for houses in flood-risk areas.

James Harrison, the chief executive officer for the consumer site, commented that a few firms may drop deals in such regions altogether, giving those offering specialised policies a chance to capitalise.

"Premiums offered by these specialist insurers are likely to be higher but should ensure that properties at risk of flooding are fully covered in the event of a disaster," he said.

Meanwhile, the Financial Times has reported that the British Insurance Brokers' Association believes that the industry has reacted well to the flooding.

The firm added that the rise in prices was simply a "knee-jerk reaction".

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