Insurers are set to pay out an average £32,000 per household for flood claims after destructive UK winter storms, an industry body has said.
Failings in the market for home and car insurance mean consumers are overpaying by about £1.2bn a year, the City regulator has concluded.
Average bills for home insurance have increased by 2.1% in a year, taking the average buildings and contents policy to £136, new research shows.
Theft of farm vehicles and livestock soars, costing UK £50m last year, insurer finds
Nearly half of home owners in The UK do not consider garden contents when buying home insurance, new research suggests.
A Sussex family has had an eight-year battle to get a full payout over subsidence in their home
Buyers must insure their home at the point of exchange rather than completion, as one couple found out to their cost
Insurance comparison websites calculate property rebuild costs – but they are not always right
While income protection policies are good for the self-employed, for people in their 20s and 30s they really aren’t necessary
Sixteen million people in the UK have no contents insurance and have little in savings to replace damaged or stolen household items, a report has said.
The majority are tenants, with particular concern over a lack of cover for those in social housing, the Financial Inclusion Commission said.
Some insurers are burying price rises in renewal notices, risking customers losing out financially.
Rules introduced in April require companies to "clearly, accurately and prominently" display a renewal premium and what was paid the year before.
Claims for damage from gale force winds brought by storm Ophelia could reach £10m, according to the UK’s largest rural insurer.
While the cost of the gales across Northern Ireland, Wales and Scotland are expected to be between £5m-£10m, NFU Mutual said this could rise further as farmers venture out to inspect any damage over the coming days.
Insurers pose a mounting threat to the international financial system as they pour money into risky investments to shore up profits, according to market watchdogs.
The International Monetary Fund (IMF) has issued a stark warning about the potential for a giant shock from the industry amid some serious dangers lurking “under the surface”.
The firm’s new tool for assessing flood risk could see home premiums soar, as one reader with a £1,000 policy discovered
If your pipe bursts and causes damage to a neighbour’s house, your policy might not pay out if you have bought home rather than contents cover
Residential and commercial property owners in the UK are being urged to make sure they understand flood insurance cover after the full cost of the latest winter storms were revealed.
The number of insurance claims for flooded homes and businesses made in the wake of December’s storms has climbed to more than 15,000 with 85% of these either fully or partly paid out so far, according to the Association of British Insurers (ABI).
The average cost of each domestic claim for the floods caused by Storms Desmond, Eva and Frank is around £50,000 which is higher than usual and reflects the extensive damage caused by the flood waters in some locations.
Storm damage, burst pipes and damage from break-ins were the top reasons that buy to let property investors make insurance claims, new research has found.
The most common claim was for storm damage, which cost an average of £1,500 to repair, followed by damage to ceilings, walls and carpets caused by burst pipe with an average £4,500 repair bill.
The analysis of data from 100,000 policies by Simple Landlords Insurance also found that the third most common reason for making a claim was property damage caused by burglars with an average claim of £2,300.
Government-backed scheme has started offering cover to at-risk householders, but there still are exclusions
Homeowners who have claimed for subsidence on their insurance are stuck paying expensive premiums to existing providers because no other insurers will offer them cover.
Mary Pope, aged 72, who lives in Cardiff, is among many people who have contacted the Guardian in despair that they cannot move to a different insurer, even though the subsidence claim they made was many years ago.
Mrs Pope pays £1,100 for home insurance with Halifax for her four-bedroomed Victorian terraced house, which she has lived in since 1977.
The majority of home owners in the UK don’t know the rebuild cost of their home and many think it is the same as the value of their property, a new survey has found.
Overall some 67% of home owners said that they don’t know how much it would cost to rebuild their home if it was destroyed and 35% thought it would be the same as the valuation.
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