Homeowners name flood damage as biggest concern

By Marianne Straker, Tue 17 Jan 2012 - Published in Home Insurance

Home insurance policyholders have named flood damage, leaks and storms as the risks that raise the biggest concerns.

A new study by insurers Deloitte found that after the recent storms people are mainly concerned about water damage in their home which can cost thousands of pounds to repair.

The company believes that the housing market will make a profit in 2011 after the loss it recorded in 2010. However, the research showed that household insurers are planning to increase the price of houses by between five and ten per cent in the coming year.

James Rakow, insurance partner at Deloitte, said: "The outturn for 2012 will largely be determined by the weather and the storms that hit Britain in the first few days of January act as a reminder of the huge losses that natural perils such as storms and floods can produce."

In Tipton around 3,000 homes were left without water after a main burst in the street causing flooding in a number of local businesses.

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