Flood damage could cost £1.3bn

iStock_000013664938_SmallThe terrible flooding experienced by many British residents over the course of the winter to date has led to substantial insurance claims for damages, with the Association of British Insurers estimating this will reach £1.3bn.

Storms Desmond, Eva and Frank led to a miserable festive period for thousands of property owners, particularly in the North. The Association of British Insurers suggest that £24m in emergency payments has already been paid to families and businesses effected by storm damage.

In excess of 3,000 families are now thought to be living in alternative accommodation. Homes and businesses have made nearly 15,000 claims as a direct result of all three storms, with the threat of more to come.

Changeable

ABI’s director general Huw Evans noted that the £1.3bn was, ‘our estimate of the total cost, but clearly these numbers could change as future claims are made but this is broadly what we expect the cost to be for the damage caused by the storms of the last month.’[1]

Mr Evans would not confirm that the damage would lead to increased premiums but called the damage, ‘a very significant event,’ and agreed that it would, ‘clearly would have some further impact down the line, but it was too early to say what that will be.’[1]

The Government estimates that around 16,000 homes have been flooded.

 

Advice

Landlords, agents and property owners with possessions damaged by flooding should:

  • Contact their insurer for advice on what to do next
  • Check their rent guarantee insurance to see what is covered, if tenants have been forced to leave their rental accommodation
  • Dispose of anything that could be deemed a health hazard
  • Photograph damaged items before throwing them away, should they become part of any claim
  • Make a comprehensive list of the details of damaged items where possible

James Dalton, director of general insurance policy at the ABI, commented; ‘the impact of flooding will be felt for many months to come in affected areas. Cleaning, drying out and repairing flood-damaged properties is a major undertaking. Insurers and their expert teams will be there for the long haul to help communities rebuild and repair.’[1]

Further information on how Just Landlords can help if you have been affected by flood damage and on how to make a claim can be found on our website. Alternatively, call 0808 168 9220 from the UK or 0044 2038 188 430 from outside of the UK.

[1] https://www.bbc.co.uk/news/business-35277668

 

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