travel agency uk: Flood insurance premiums, don't be too downhearted

Monday, November 26, 2012

Flood insurance premiums, don't be too downhearted

I have been tracking the news today, hearing of the misery caused by the latest bout of flooding, yet the impasse regarding renewal of the Statement of Principles goes on without an imminent solution. I listened to a spokesperson from the Association of British Insurers (ABI) on BBC?s Today programme, he articulated what appears to me to be a perfectly sensible, pragmatic solution to the challenge of affordable property insurance in high-risk areas, yet the Government is hell-bent on saving money and don?t seemingly get the big picture.

The ABI proposal of a temporary government overdraft for the insurance industry seems perfectly reasonable in the circumstances (especially when compared to the level that the government had to dip it?s hand in it?s pocket to bail out the greedy banks), what annoys me is that the ABI proposal is based on a premium levy to create a pot, or fund help cover flooding in the future ? so policyholders (not Mr Cameron & co) ultimately paying.

This impasse will run and run, no doubt into the spring and beyond and as a result more and more people growing increasingly concerned about the availability and affordability of property insurance, and rumors aplenty that areas of the country could be uninsurable without a solution in place between the Insurers and the Government.

Getting affordable cover
I have read a number of articles in recent months, people/families suffering a flood, talking about the sheer upheaval in their lives, the final straw being a whacking increase on their premium at next renewal, in all instances these people seemingly accepting the quote from their current insurer and not shopping around for better terms.

Shopping around is important, BUT finding the right outlet to shop in is even more important. If you have suffered a flood claim, or you are in an area deemed a flood risk then your property insurance requirements move to being specialist, so instead of selecting the big insurance brands that advertise on TV, you need to spread your net wider and find insurance brokers that specialise in flood risk insurance.

These specialist firms typically understand the needs of homeowners with properties susceptible to floods, they are usually able to tailor cover to meet your circumstances and have access to the markets to find affordable cover. My message is simple, you wouldn?t order foie gras at McDonalds, so avoid the big brands and go and find a specialist Broker with proven expertise in flood insurance.

The Property Insurer works with a number of leading providers in the UK and it will do its best to provide comprehensive insurance cover at a realistic price. Visit The Property Insurer today and click on the Flood Risk Insurance button.