Cost.co.uk Respond to Flood Insurance Topping £1 Billion in 2012

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Leading comparison site, cost.co.uk, has responded to news that floods cost insurance companies over £1 billion in 2012.

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The relentless rain last year caused damaged to thousands of homes and businesses, incurring huge insurance claims.

Insurance companies paid out over £1 billion in flood and storm damage claims last year, the highest amount in five years, reports Sky News.

The Association of British Insurers says the claims cost a total of £1.19 billion and are the biggest since £3 billion was paid in 2007.

486,000 homeowners, businesses and motorists filed insurance claims for flood and storm damage in 2012, averaging around 1,330 each day. The average payout for flood damaged properties was £18,200 and £1,300 flood damage. 2012 was the wettest year for England and Wales on record.

A spokesperson for Cost.co.uk said:

“The relentless rain last year caused damaged to thousands of homes and businesses, incurring huge insurance claims. With the country’s heightened flood risk this year after a year of rain, it is important to ensure that your house insurance policy covers for flood and storm damage. Damage can run into thousands and you don’t want to find out too late that your policy doesn’t cover you.

“I’m sure homeowners and insurers alike are hoping that 2013 will be a much drier year.”

Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customers to seek out great deals and offers for home insurance, car insurance, credit cards, holidays and more. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
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