You are here: Home - Insurance - News -

Home insurance flood damage claims falling

Written by: Emma Lunn
The number of home insurance quotes including claims for flood and storm damage has fallen over the past five years, despite more extreme weather events in the UK.

A study by Go.Compare found that quotes with flood and storm damage claims have decreased by 30% since 2017, despite increasing rainfall meaning the UK is now 9% wetter than in the 1960s.

In 2017, Go.Compare provided 3,448 home insurance quotes for properties that had previously claimed for flood damage. However, this decreased by 30% in 2022. A similar trend can be seen in the number of home insurance quotes that had a previous storm damage claim, which fell by more than 20% between 2017 and 2022.

According to the Environment Agency, more than 300,000 homes in England are now better protected from the effects of climate change after the government’s investment in flood defences. Upcoming schemes hope to reduce the national flood risk by another 11% and avoid around £32bn of wider economic damages.

Mary Long-Dhonau OBE, flood resilience advisor and campaigner of MDA Flood Resilience Consultants, said: “The government has doubled its investment in flood risk management and there’s also been a large increase in property flood resilience schemes, which will have reduced claims. But this is in combination with other factors.

“Climate change is here, and flood risk will continue to increase, especially surface water flooding. Clouds are now heavier and move more slowly. This means they stay and drop their contents in one localised area. This type of flash flooding is much harder to predict.”

According to the Met Office, the average number of days with precipitation over the 99th percentile of daily rainfall rose by 22% between 1991 and 2022, when compared to the three decades before. Rainfall events exceeding 50 mm of rainfall have also increased.

It is anticipated that the UK will experience much wetter winters going forward, with rainfall in the summer also becoming more intense. This will have a considerable impact on the regularity and severity of surface water flooding.

Ceri McMillan, home insurance expert at Go.Compare, said: “We hope that this downturn in flood and storm damage claims is a result of better flood protections and successful flood defence schemes. However, the latest expert data shows that surface water flooding is likely to become worse and more frequent, so investing in protection for your home is still incredibly important.

“Even if you don’t live in a high-risk area, it’s best to be covered for all eventualities. Flood insurance is included as part of any standard home insurance policy, so you won’t need to take out extra cover, but you’ll be protected from any damage or loss in the event of a flood.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Octopus steps in to buy Shell Energy – what customers need to know

The deal is expected to complete in the fourth quarter of 2023 and will take Octopus Energy’s retail supply ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week