Weigh up home insurance risks, say experts

Posted : 17-07-2008

Homeowners have been advised to weigh up the risks of living in an at-risk flood area and make sure they have adequate home insurance to cover themselves.

Confused.com has warned that having insufficient home insurance could have severe consequences and has highlighted that last year's flood damage averaged between £15,000 and £30,000.

Environment minister Phil Woolas recently stated that scientists believe "extreme weather conditions are going to increase in the decades to come", which has led the website to urge homeowners to weigh up the risk of not purchasing home insurance.

It has also advised homeowners that if a flood is on its way, to keep a copy of their home insurer's policy details and telephone number in a dry place, as well as placing sandbags outside doors and windows.

Meanwhile, the AA's British Insurance Premium Index has shown that premiums are rising with home insurance costs experiencing a 22 per cent increase over the past year, reports FairInvestment.co.uk.

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