The UK has jut been through the wettest June on record, and as a result of this many are still assessing the damages sustained to their home and property, caused by severe floods and torrential rain over the past few weeks. Insurance claims have already started to flood in to insurance companies all around the country, and both consumers and insurers are counting the costs. Initial reports from insurance experts indicate that the level of claims resulting from the flooding could exceed £1 billion, and many say that the actual cost could be far higher than this as some customers are still in the process of submitting their claims.
Officials from the Association of British Insurers have highlighted the importance of having insurance cover in place given the recent weather situation.
One official stated: ‘These events highlight just how important insurance protection is. If you have been affected by flooding, contact your insurance company. Their priority is to deal with all claims as quickly as possible.’ Those with pending insurance claims following the floods are warned that due to the level of claims the delays in processing could be lengthy.
According to reports the average claim following the floods is around £15000 to £20000. However, it is thought that some of the victims of the flooding could have inadequate insurance cover, or in some cases no insurance cover, and this could end up costing some people thousands of pounds out of their own pocket. In the meantime the government is being urged to increase money that is allocated to providing a defence against flooding by the Association of British Insurers.
Moreover, further bad weather that is expected over the coming weeks is set to push the cost of claims to insurance companies up even higher – preliminary estimations have put the cot so far in the region of £1 billion but this does not include claims yet to be submitted and the potential damage that could be caused by further bad weather in the near future.
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