The wettest June on record combined with a dismal start to July has resulted in a mammoth £50 million of home, car and business property claims for insurance group RSA.
The insurer said the East Midlands, North East and North West were the worst hit regions, suffering storm damage and flooding, and an estimated 20 flood alerts from the Environment Agency are still in place.
The Association of British Insurers (ABI) said insurers are paying out £17 million a day in compensation to people whose properties have been flooded or cars damaged.
Meanwhile, AA Insurance has spoken out in support of the Local Government Association’s (LGA) report on flooding, which expresses concern about availability of future flood insurance after the so-called ‘Statement of Principles’ ends next year.
The car and home insurance broker says that the need for agreement between the insurance industry and the Government must be reached urgently. However, no decision is likely until after the summer recess.
Simon Douglas, director of AA Insurance, said: “I agree with the LGA that the delays are very frustrating. They are alarming for ordinary families wondering whether they will be able to insure their home, with all the implications that has for the value of their property and ability to obtain a mortgage.
“Those wanting to move will also find it very difficult to sell up because no-one will want to buy an uninsurable home.”
Twitter: My Finances
Join the conversation at #news_myfinances