Experts warn of weather woe for homeowners

5th September, 2005

Insurance companies are warning UK homeowners of the potential rise in insurance premiums following the devastation of Hurricane Katrina.

Globally erratic weather conditions are becoming increasingly common, and meteorologists are warning that freak tempests are on the rise, both in Britain and abroad.

'We're not expecting an immediate premium increase directly as a result of Katrina, but the wider issue of climate change is beginning to have a very serious impact on insurers,' Malcolm Tarling, a spokesman for the Association of British Insurers (ABI) told the Independent.

The research was carried out by the Association at the request of climate experts and it revealed that the total bill for property damage caused by weather related events such as Hurricane Katrina could increase by two thirds in the coming decade unless environmental action is taken.

The cost of weather-related claims reached £6 billion in the years between 1998 and 2003, which was twice the total of the previous five years.

Home insurance should be a serious consideration for any homeowner as it should financially cover damage inflicted on houses due to acts of God.

 

• Next Article: Leeds top for burglaries
• Previous Article: Money to be made in property says experts
• This Month: News For September 2005