Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 22nd of February 2018
July 10, 2007

Uninsured flood victims could number 5,000

by Gill Montia

Story link: Uninsured flood victims could number 5,000

Abbey Home Insurance has produced research indicating that over 5,000 of the properties across the UK damaged by recent floods could be uninsured.

According to the Department for Environment Food and Rural Affairs, the number of properties recently affected by flood damage could be over 20,000 and Abbey Home Insurance research suggests that as many as one in four could be uninsured.

While the news is not good for homeowners with no buildings and contents insurance, there will be other flood victims equally badly affected as they believe they are insured but will have their claims rejected because they do not have the appropriate cover in place.

The Association of British Insurers (ABI) estimates that 27,500 homes and 7,000 businesses have sustained damage caused by the adverse weather.

The majority of the properties affected should be visited by early next week and interim payments are already being made to businesses. Motor claims are also being settled.

The ABI has joined the FSA in advising flood victims to exercise caution before engaging the services of a claims management company.

Such companies will recover their fees from any claim paid, which could leave householders short of the money they need to put right the damage to their property.

Estimates for the total cost of the damage now stand at £1.5 billion.

 

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