Flood victims may not have to pay higher home insurance premiums, an expert has said.
A spokesperson for the Association of British Insurers (ABI) has remarked that some home insurance firms won’t be putting up their home insurance premiums as a result of the flooding .
“Some insurers have said they will have to put up their premiums, others have said they won’t,” he commented.
He noted that the price of home insurance premiums depends on a number of factors.
If the property has flooded before or if the home insurance company has not budgeted for the scale of the crisis, then home insurance premiums may rise, he stated.
“It’s not a given that premiums are automatically going to increase,” the spokesperson added.
According to the BBC, 60,000 homes were affected by the summer floods as rainfall was more than double the average for the year in the three months leading up to July 23rd.
Furthermore, one million Brits live in homes that are at risk from serious flooding.