Cheap insurance offered in 'high risk' regions

Posted : 09-03-2005

A new study has revealed that there are many good deals around for those living in an area with a high risk of crime or flooding.

The report from insuresupermarket.com has revealed that shopping around for a deal can significantly cut costs even in regions which generally have some of the highest premiums in the country.

Deals exist with some firms that will take the bite out of living in a flood risk area, where home insurance can spiral by as much as 60 per cent.

At the same time, while living in an area regarded as a crime hotspot by insurers can cause premiums to jump by up to 65 per cent, insuresupermarket's research reveals that savvy homeowners can avoid such high prices.

Recent advances in maps have seen insurers far better able to assess the risk to an individual property, meaning people moving home will need to research what their insurance costs are more thoroughly or risk paying over the odds.

But even policyholders in high-risk areas could save more than £100 on premiums by making sure they are getting the best deal.

Richard Mason, director of insuresupermarket.com explained: "The end of last year saw the Environment Agency launch their revolutionary flood map with the promise of quarterly updates to identify flood-risk areas more precisely.

"This means that the need to shop around to get the best cover at the best price has never been more important. You could save over £110 a year on your insurance by switching to the best deal even if you live in a flood-risk area."

© DeHavilland Information Services plc

The views expressed within the article are entirely those of Adfero Ltd and are not those of BDML Connect Ltd