Third of Brits 'have no home insurance'
Thursday, 11 Sep 2008 15:22
Flooding affects ten per cent of households in England and Wales
More than a third of Brits do not have any home insurance, according to research, despite widespread coverage of the flooding last weekend.
Fairinvestment.co.uk found 38 per cent of people questioned do not have any home insurance.
The survey also revealed that men are less likely to take out a home insurance policy than women.
The statistics show on average just 57 per cent of men have home insurance, whereas 64 per cent of women have taken steps to protect their homes against events like flooding.
Spokesperson for Fairinvestment.co.uk, Rachael Stiles, said: "It has come as quite a surprise that such a large volume of home owners and tenants have no home insurance cover at all. Particularly considering the number of floods we have seen in recent years.
"With so many homes at risk due to poor flood defences, home insurance really is a necessity that should not be forgone. Brits are having to watch their spending as the credit crunch continues to take its toll, but home contents and building insurance should not be compromised when flooding is such a real possibility in the UK."
Around ten per cent of households are at risk of flooding throughout England and Wales, with assets worth around £214 billion.
For those who have already made a flood claim though, excesses could now be in the region of £30,000, according to Homecheck.
Ms Stiles added: "Although it is down to insurance companies to cover homes in the event of a flood, the government should also bear some of the responsibility. Flood defences need improving, and until the government does more to prevent floods from damaging people's homes, insurers are unlikely to bring down premiums and excesses, especially for those whose homes have already been affected."