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The Best Home Insurance For You In Scotland
November 9th, 2009 by admin
The summer of 2007 has seen some of the worst floods in recent history, with three major incidents of flooding in the UK from April through August.As late as mid-July, insurance industry spokesmen were still saying that they didn’t expect to have to raise insurance premiums based on their estimates, but by late August that tune had changed. That’s when Norwich Union home insurance, which insures one in five homes in the UK, announced that they’ll be raising premiums by 10% in the coming year.The floods are not the only factor in their decision, Norwich Union says. Just the final straw that forced them to raise prices by nearly three times the rate of inflation. Claims against the insurance company will reach an estimated £340m, according to a Norwich Union spokesmen.
In a statement released by NU, the insurance company also cited a “background of stable premiums for the last six to seven years” and the cost of additional staffing to deal with the flooding crisis as factors in the decision to raise UK home insurance premiums.
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