hike in home insurance cost
due to 'flood risk' stuns resident
West Huntspill resident has been left stunned after his home contents
insurance quote came in almost 2,800 per cent higher than last
year because his property is deemed to be at a 'high risk' of
Bowden received a quote of a whopping £6,144.42 when he
received his home contents insurance renewal documents - up from
just £220.18 the year before.
pictured, told Burnham-On-Sea.com: "I am shocked to
have received this because the village hasnt been flooded
here for 35 years and even then it was nothing like last winter's
floods on the Somerset Levels, which are miles away."
seems to me that some 'suit' in London simply saw Somerset on
my address and wants to reduce their risk by not insuring people
here regardless of where we actually live."
added: "When I contacted Lloyds Bank's insurance company,
Legal & General, to check whether there had been a mistake,
they told me there hadn't - they say West Huntspill is deemed
to be a flood risk area even though it doesn't flood here."
since approached a local insurance company instead and they have
actually insured us for less than the £220.18 we paid last
year! They understand that the risk here is low."
John warned: "It's easy to simply renew home insurance policies
without properly reading them. Fortunately, we spotted the 2,800%
increase and I would advise people to double check their quotes
and then shop around locally for a more competitive quote."
people, in particular, may not notice. My elderly mother-in-law
read the letter and thought we'd been quoted £614.44 rather
than £6,144.42. She misread it the first time, which goes
to show how it is easy it is to miss."
says he is also concerned that national insurers may not offer
insurance policies in some areas if the practice continues in
worries me that every time one insurer does this and people move
to other cheaper providers, they in turn see the area as a greater
financial risk to them because of the numbers of policy holders
and that could unfairly harm the village."
a statement, Legal & General said: "When calculating
premiums for our policies we utilise a combination of our claims
experience in each postcode area as well as comprehensive geographical
information collected from various external agencies."
the Association of British Insurers is working on a new scheme
to help people who see their home and contents insurance premiums
soar as a result of flooding. Bridgwater MP Ian Liddell-Grainger
is also taking up the matter.