As the cost to those affected by the recent storms continues to rise, there’s talk of stopping the premium-rate lines used by every eight in ten insurers. Many are disgusted by the amount of personal and financial struggle that is plaguing the homeowners who found themselves flooded by the storms, yet they could still be gearing up to pay even more as insurance bosses refuse to rule out a possible hike in premiums as a result of the floods.
The UAE has been named in the top 10 countries for flood risk to business, number seven behind India and Bangladesh, while consumer group Which? claims that these premiums rate phone lines could be costing the average homeowner up to 41p per minute. This has been met with outrage, as flood victims ring up in their droves to find help for their situation being met with extortionate charges while attempting to make a claim.
The Association of British Insurers (ABI) has insisted that they’re currently looking at how to phase out the current premium-rate numbers while in the meantime, families affected by the floods are being urged to force their insurers to ring them back once they finally get through to someone, thereby alleviating paying too much on a call for a vital claim. The ABI chiefs have also stated that their emergency flood helplines, used to authorise crisis payments, will be kept running 24 hours a day.
Labour has branded the summit a washout and Miliband has demanded that firm action be taken by Government to assure that premiums don’t become totally unaffordable after this storm crisis. While the industry has claimed to have already sorted out (USD $)14million of immediate emergency payments while (USD $)24million pounds has been used to ensure that families are able to find emergency accommodation, Labour believe that the bosses are being let off lightly and the Conservatives not taking this situation seriously; Cameron did not attend the meeting.
This complacency is taking place as the chaos from storms continues to change the lives of many. Somerset flood waters continue to rise, swamping properties and roads while many areas of the south coast are working on damage dealt by 30ft waves during the storms last week. The clear-up operation is still in action and the damage is expected to easily exceed a million pounds.
Are you currently looking for insurance? Sick of the industry taking advantage of you whenever they can? Why not visit us at www.alternativeinsurancebrokers.com and let us find exactly what you need at the best possible price for you.