| Last years storms were a prime example of this. | | | | during designs of flood defences, and for building |
| During 2007 more then 1.5 million British homes’ | | | | regulations to be changed so properties are more |
| roofs were damaged due to high winds, which caused | | | | resistant to extreme weather. They also warn that its |
| £4.5 billion of damage. The report undertaken by | | | | not just home insurance which may be affected by |
| Halifax Home Insurance quoted the average cost of | | | | climate change. Motor insurance could be hit with |
| wind damage reached £2,800. Damaged gardens, | | | | extreme weather leading to more accidents. |
| sheds and destroyed garden furniture were all claimed | | | | John Parker, head of general insurance at the ABI, said |
| on owners’ home insurance policies. | | | | “Managing risk is central to our industry, and insures |
| Wind damage can often lead to future costs if | | | | must be equipped to analyse the new risks arising |
| homeowners do not take immediate action. | | | | from climate change, and to help customers protect |
| Martyn Foulds, senior claims manager, said, “It is | | | | against them.” |
| advisable for homeowners to conduct a thorough | | | | Last Years major floods, and the repeat incident earlier |
| inspection from ground level following high winds, the | | | | this year has brought flood insurance to the forefront |
| problem could be exacerbated by water coming in | | | | of peoples minds. For many people, flooding is a fact |
| through missing or broken tiles.” | | | | of life. There are more than 2 million homes at risk |
| Climate change will increase the number of dangerous | | | | from coastal or inland flooding (10 % of total homes in |
| weather conditions, and homeowners need to prepare | | | | the UK), and around 400,000 homes at very high risk |
| for future storms by evaluating the existing home | | | | of flooding. Climate change will increase winter rainfall, |
| insurance. Even with the damaging recent storms, 36% | | | | the frequency of heavy rainfall, and sea levels and |
| of homes are not insured. Advice has been given for | | | | storm surge heights. With no change in Government |
| homeowners to prepare their homes by securing lawn | | | | policies or spending, climate change could increase the |
| furniture, and checking, trees, gutters, tiles and roofs. | | | | number of properties at risk of flooding to 3.5 million. |
| They should also ensure they are adequately insured | | | | In the modern competitive insurance market, premiums |
| for any foreseeable problem. | | | | reflect the risks that customers face. This enables |
| There are often long delays for insurance payoffs | | | | insurance to be offered at very competitive prices to |
| after major incidents, so insures are recommending | | | | customers living in low flood risk areas. |
| having an emergency repair fund to make necessary | | | | Preparation is key, with homeowners needing to |
| repairs and prevent further damage whilst awaiting the | | | | evaluate their existing home insurance premium, and |
| insurance payout. | | | | with the vast number of insurance companies offering |
| The Association of British Insurers (ABI) warns that if | | | | cheaper deals and vying for your money then you |
| nothing is done then the current value of claims could | | | | should shop around and find the best deal which will |
| double or even triple by the middle of the century. The | | | | cover all possible incidents which could affect your |
| ABI wants climate change to be taken into account | | | | particular home in the unpredictable future. |