In February, a series of storms ripped through the country, leaving a trail of damage in their wake. The Association of British Insurers (ABI)9 estimated that insurance payouts to repair damage to homes and businesses will exceed £360m. Some 82,000 people put in claims for flood or wind damage in the wake of the destruction wrought by Storms Dennis and Ciara. The average claim per household affected by flooding was estimated to be around £32,000. Bad weather events on the rise According to Aon, the total economic damage worldwide caused by floods topped $82bn in 2019 – but just $13bn of that was insured10. Events such as these are becoming increasingly frequent, with the uninsured facing devastating financial losses. It’s not just flooding that’s on the rise. The ‘Beast from the East’ that blasted across the UK in early 2018 resulted in a £194m pay out for burst pipe damage alone. Don’t leave it to chance Nowadays, it is becoming more and more unlikely that ‘it’ll never happen to me’. Natural disasters can cause serious damage, with repair work likely to run into thousands of pounds if you are uninsured. Contact us and we can help you find the best policy to protect your home, possessions and finances.
This material is for information purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance or any other financial product, you must obtain individual advice regarding your requirements and general policy conditions. The presented information & data are valid at the time of publishing.
Source: Quilter Financial Planning – Essentially Mortgages Q2 2020