A home insurance provider has reassured its customers that it will not be implementing widespread price hikes in the wake of recent flooding incidents.
LV=, formerly known as Liverpool Victoria, said that many of its home insurance customers have experienced a difficult period as the floods swept across areas of the country.
“We would also like to reassure our household insurance customers that we will not be applying wholesale premium increases to compensate for the cost of recent flood claims,” said Andrew Beard, the home insurance company’s head of business development.
He added that the flooding incidents seen recently are becoming the norm and no longer “freak” occurences, meaning that his company is better able to offer sound home insurance premiums, as the growing threat of extreme weather is already factored in to the pricing system.
Furthermore, he claimed that his organisation’s status as a mutual home insurance provider means that its priorities lie with improving the competitiveness of its prices and caring for its customers.
The Association of British Insurers, which counts the majority of home insurance providers among its members, recently urged the government to refrain from mass housebuilding on floodplains.
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