Home insurance market 'is still ultra competitive'
Published On 18 November 2007
Fears that consumers would see their home insurance premiums rise as a result of the summer's flooding have not developed into reality, an industry expert has said.Graeme Trudgill, technical services manager at the British Insurance Brokers' Association (Biba), explained that there were still competitive home insurance deals available after the flooding.
He added that, for every insurer who increased their premiums after the summer, another dropped theirs.
"The advice is to speak to advisors who will look around the market for you and make sure you get the best deal every time," Mr Trudgill added.
"Home insurance is still ultra-competitive and you see during any advert break on TV, companies saying we will be your cheapest home insurance option."
Recently, Fairinvestment.co.uk said that it was important for homeowners to tell their insurer before they undertook any major renovation work.
"Britain's love of DIY can spell disaster for some home owners if they neglect to tell their insurers of the changes they have made," James Caldwell, director of the website, explained.
"Whether it's knocking down a wall, adding an extension or simply replacing the windows, you could end up out of pocket if you press ahead with the work before informing your insurer."
