Higher insurance premiums flood in
Sunday 14 October 2007
Holders of home contents and building insurance policies are beginning to count the cost of the summer's unprecedented flooding.
According to the AA Insurance Premium Index, the average cost of annual buildings cover rose 3 per cent to £215.51 between July and September. Likewise, the price of home contents insurance increased 2.3 per cent to £149.90 during the same period.
Worse could be on the way as the insurance industry tries to claw back the £3bn it lost as a consequence of the flooding. The AA estimates that the cost of buildings cover could climb by 6 per cent before the end of the year.
"We now see the result of that devastation reflected in premiums as insurers meet the cost of drying out and repairing homes as well as the temporary rehousing of families," said John Close at AA Insurance.
It's not just home cover that is going to become more expensive. During the floods, thousands of cars had to be written off, and as a result motorists are having to pay more for their insurance. The cost of insuring a car on a comprehensive basis rose 1.3 per cent between July and September.
The best - and worst - investments in 2013
How to start your own internet business
The death of the pension: how equity release can fund your retirement
Julian Knight: We are seeing the dying days of the golden pension
Accident claims are shaken up: Insurers expect premiums to be held down by a new ruling. Ian Gregory reports
- 1 What, let gays get married? We must be bonkers
- 2 'Something passed underneath us, quite close': Airbus A320 has close encounter with UFO
- 3 Rocky Horror star Tim Curry 'suffers major stroke'
- 4 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
- 5 Exclusive: Woolwich killings suspect Michael Adebolajo was inspired by cleric banned from UK after urging followers to behead enemies of Islam
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.
Day In a Page
A modern home of almost 1,000sq ft is close to Stoke Newington's high street. £499,950
A five-bedroom bungalow in Hoveton with riverside garden and mooring dock, £550,000
A refurbished one-bedroom flat with south-facing reception and high ceilings. £579,950
A four-bedroom Grade II-listed house in Nazeing with large gardens. £550,000
A modern four-bedroom house in a converted stable within walking distance to Peckham Rye. £695,000
Three-bedroom house in a quiet residential area within close distance to Battersea Park. £450,000
A three-bedroom cottage within commuting distance of London, Norwich and Cambridge. £250,000
A two-bedroom cottage with a sun room and gardens in South Chard. £350,000.
A three-bedroom semi-detached house with original features including fireplaces and wooden flooring. £399,950
A modern two-bedroom flat split across two floors and close to several public transport links. £595,000
A one-bedroom flat with an open-plan reception/kitchen and private balcony. £315,000.
A bright two-bedroom garden flat between South Acton and Chiswick Park. £499,950.
A listed four-bedroom farmhouse with stables, set in four acres. £500,000.
A three-storey family home with four bedrooms and an extended kitchen/diner. £995,000.
A three-bedroom Hamstone cottage in the rolling Somerset countryside. £430,000.
A luxury one-bedroom apartment on the first floor of a converted Victorian house. £425,000.