Needless flood insurance paid - Home insurance

Posted : 08-08-2008

Homeowners could be paying more for their household insurance cover than they need to, it has been reported.

According to the Cumberland News & Star, properties in the region could be subjected to extra costs on their insurance due to flooding - even though they are not in a risk area.

The article reveals that a recent Ordnance Survey study suggests 16,700 homes in Carlisle could be incorrectly classified, meaning they are paying five-figure excesses for no reason.

Paul Hendy, from Communities Reunited, told the newspaper: "What is annoying is that the data is there to be able to correctly assess people’s flood risk and premiums, but at the end of the day the insurance companies are choosing not to use that data."

He also revealed that one home in the Warwick Road area is subject to a £50,000 for flooding on it household insurance cover.

Last month, Tescocompare.com said the government's flood insurance agreement with the Association of British Insurers was welcome news for consumers as it will allow people to obtain adequate levels of cover.

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