There is a policyholder knowledge gap about the risk of local flooding, the aggregator reports
Aggregator website ComparetheMarket has named storms as the most common weather-related damage claim - its latest research found that 42% of respondents have made claims of this nature.
The price comparison website, which polled 2,004 UK homeowners in January 2022, further found that 18% of respondents have experienced flood damage.
Today (15 February 2022), the UK’s Meteorological Office issued a yellow warning regarding Storm Dudley, which is predicted to hit north Wales, Powys and Ceredigion with 70mph winds on Wednesday and Thursday this week.
Meanwhile, Storm Eunice could bring winds of 60mph to 70mph, as well as some significant snowfall, to the Midlands on Friday.
Mubina Pirmohamed, head of home insurance at ComparetheMarket, said: “We are already seeing the effects of climate change on British weather.
“Severe weather events can be devastating to homes and damage can cost thousands of pounds to fix.
“With storms and flooding becoming more frequent, it’s a good idea to review your home insurance policy and we would urge homeowners to check if they are living in a flood risk area.”
Wettest and warmest
A spokesperson from FloodFlash added: ”There are extensive flood warnings currently live across the country. Our sensor network is reporting data to us and the team is monitoring the storms closely. At this time, no sensors have reported flooding. We will stay alert to the ongoing threat until the weather warnings are removed.
”It’s important that anyone at risk follows local advice and doesn’t put themselves in harms way to protect their property.”
According to a July 2021 report from the Met Office, 2020 was the UK’s third warmest and fifth wettest year on record.
The report also found that February 2020 was the wettest month ever recorded due to widespread flooding caused by Storms Ciara and Dennis.
ComparetheMarket’s research, meanwhile, revealed that 78% of respondents believe that climate change will increase the cost of home insurance premiums, while 67% were concerned that climate change will increase the risk of their home flooding.
In 2021, living within 400ft of a body of water increased home insurance premiums by an average of £28, or 15%, compared to those who lived further away from water sources.
The aggregator found that 16% of those who purchased home insurance in 2021 lived within 400ft of water.
Pricey premiums
The average home insurance premium for these homeowners cost £198, yet the cheapest premium for this risk costs £163.
ComparetheMarket’s data additionally revealed that the average cost of a home insurance policy is £170 per year, while the cheapest premium typically costs £145 annually.
Repair bills from storm damage can be expensive. For example, claims payments arising from damage caused by Storms Ciara and Dennis totalled an estimated £363m, according to the ABI in March 2020.
ComparetheMarket cited that 83% of homeowners who made a claim to their insurer in the past five years received a successful pay out.
However, there is a gap in some homeowners’ knowledge about their local risk of flooding.
More than a fifth (23%) of homeowners surveyed by ComparetheMarket have not checked to see whether they live in a high flood risk area.
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