Thousands of people have applied for home insurance for the first time in the wake of the floods that hit Northern England, according to research from moneysupermarket.com.
Homeowners in some of the country’s worst affected flood areas are now looking to buy buildings and contents insurance to protect themselves should their homes become victim to flooding again.
Moneysupermarket’s research shows that applications for home insurance from residents of Sheffield, Doncaster, Hull, the West Midlands and parts of Scotland went up by 300 per cent June compared to May
“The increase in the number of people applying from areas affected by heavy rain is no surprise, said Richard Mason, director of insurance at moneysupermarket.com.
“Clearly, homeowners who narrowly escaped the floods this time have realised that without any insurance cover they could be left footing bills for tens of thousands of pounds in the future.
And people may have to be quick with their application, because many insurers have announced that they will be blacklisting up to a million homes that are built on flood plains.
“For now, insurers say they will still abide by the terms of a deal they reached with the government in 2002. This states that insurers will continue to offer cover for those already insured and take on new business where defences are in place or planned,” continued Mr Mason.
“At present, the evidence suggests premiums have not yet risen in the aftermath of the floods. In an attempt to maintain market share, insurers may well absorb much of the claim costs from reserves
“I would strongly urge any homeowners whose properties are on flood plains to buy good-quality home insurance immediately. Doing so ensures they will continue to be covered regardless of what happens in the future.”Compare Home Insurance