The Association of British Insurers has launched a new campaign for Flood Free Homes. The campaign calls for no home to be at high flood risk by the year 2025, and plans to invest £1bn per year on managing flood risk in order to keep up with the growing problem of climate change. It also calls for zero tolerance on inappropriate new developments in areas of the country that are at risk of flooding, as well as cross party consensus on long term solutions to manage all types of flood risk.
The Risk of Flooding in the UK
According to the Environment Agency, approximately 2 million homes in England and Wales are now at risk from flood from rivers and the sea, with over half a million of these deemed at a risk level of ‘moderate’ or greater. A further 2.4 million homes are currently at risk of surface water flooding, which is also a serious problem for the UK. Within the last ten years alone, heavy flooding has affected thousands of people and caused many million pounds worth of damage. In the June and July of 2007, rainfall was recorded as a massive 20% higher than ever seen before, according to records going as far back as 1879.
Why is the Risk of Flood Getting Worse?
The general consensus is that climate change is playing a large part in the heavy floods experienced across the UK in the last decade or so. There is an extensive body of evidence to show that the world is warming up as a result of the increasing levels of greenhouse gases that are released into the atmosphere. If these emissions continue, it is thought that global warming will get progressively worse, resulting in very serious consequences for the planet. Increased building and higher population density are also contributing to the higher risk of flood.
Home Insurance Claim Statistics
According to The Association of British Insurers the floods in England and Wales in the summer of 2007 resulted in around 185,000 insurance claims at a cost of £3bn, and the floods in the winter of 2012 resulted in approximately 39,400 insurance claims at a cost of £594 million. In the winter floods of 2013 and 2014, another 18,700 insurance claims were made, which is estimated to have cost over £450 million.
Protecting Your Home and Possessions
With flooding on the rise, home insurance is an absolute must if you want to ensure that your home and its contents are protected. Taking out home insurance can provide you and your family not only with financial security, but also peace of mind. By shopping around, you can ensure that your home insurance won’t cost the earth. You can make the whole process quick and simple by using a home insurance quote comparison service, which will enable you to find the coverage that is right for your home, as well as at the cheapest price possible. Find a low cost home insurance policy today with City Insurance.