Homeowners living in high risk flood zones should think twice before swapping insurer, according to product analysts The Research Department (TRD).
Group commercial director Mark Hayes-Newington said that insurers are "quoting astronomical premiums" for new customers so homeowners would be better off renewing with their existing insurer, "or at least shopping around".
He also adds that homeowners should obtain a quote from the bank or building society with which they have their mortgage.
"It is in the mortgagor's best interest to make sure the mortgaged property is insured and their block policies may well not carry flood risk exclusions.
"In worst cases, it might be worth remortgaging with a provider that has a compulsory insurance arrangement that covers flood."
