ABI estimates flood damage at £100m
Recent flooding in Cumbria and southern Scotland could produce claims of over £100 million, the Association of British Insurers (ABI) has warned.
According to reports, insurers have already received between 500 and 1,000 claims and flood warnings remain in place across many regions, with Cumbria still in danger of severe flooding and the rising waters prompting a safety review of all the county’s bridges.
ABI spokeswoman Kelly Ostler-Coyle says it is still “early days” to assess the level of damage and has advised homeowners affected to call their insurance companies as soon as possible.
However, Ms Ostler-Coyle told Channel 4 News she did not expect insurance premiums to rise as a result of the claims, which are likely to be dwarfed by the £3 billion paid out for the 2007 floods.
The ABI also reminds businesses and homeowners that they should arrange for temporary repairs to be carried where this can stop any damage getting worse, and to keep receipts for their insurance claim.
Finally, most buildings policies cover the cost of temporary accommodation and vehicles that are comprehensively insured will be covered for damage relating to flood.
Category: ABI News, Home Insurance News
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