Homeowners warned to check insurance cover as storm damage costs average £2,000
02/06/2023
Zurich UK is urging homeowners to check they have the right level of cover in place after storms left families with average bills of more than £2,000 last year.
- Storms Franklin, Eunace and Dudley left homeowners with bills averaging £2,057
- Storms Franklin, Eunace and Dudley cost the industry £500million according to the ABI
- Homeowners warned to check their cover as more than four in five homes are now underinsured
Leading insurer Zurich UK is urging homeowners to check they have the right level of cover in place after storms left families with average bills of more than £2,000 last year.
Storms Franklin, Eunace and Dudley left affected homeowners with bills averaging £2,057 in 2022, according to the insurer, with total damages costing the industry nearly £500million across the country, according to the ABI.
Meanwhile, storm damage to small and medium businesses from these three incidences averaged £5,164, Zurich found.
As we head into the time of year that traditionally sees the most turbulent weather, Zurich is urging homeowners and SMEs to check that their insurance policies still provide the right level of cover.
Inflation causing increases
Rising inflation has caused repair costs to increase, meaning pay outs on older policies may not cover the entire cost of repairing damage in the event of a claim.
Rising prices, combined with an increase to the cost of labour, means that more than four in five homes (83%) are now underinsured.
As well as ensuring policies are up to date, Zurich is urging homeowners to take material steps to reduce the risk of storm damage, including:
- If you have prior warning, ensure that items in the open are either placed indoors or are securely fixed down. Large items such as tables and chairs are equally at risk.
- Ensure that you have the emergency contact details for your utility companies, local authority and insurer to hand.
- If it is safe to do so, park your car away from potentially dangerous areas, such as nearby trees, ideally into a secure garage.
- The best way to prevent damage is to act on any maintenance needs your property may have. Remember that damage resulting from normal wear and tear won’t be covered.
- Pay particular attention to keeping gutters clear and free of debris, as overflowing gutters and downpipes are a significant risk during heavy rainfall.
- Storm damage to gates, fences and hedges is usually not covered by home/property insurance. Check your policy wording for full details.
David Nichols, Zurich UK’s head of retail, said: “Storms are always unwelcome events but there are material steps we can all take to reduce the risk of damage. Seemingly small acts like ensuring gutters are kept clear can make a big difference in the event of a storm.
"Meanwhile, it’s vital that policyholders check that they have the right level of cover in place to properly remunerate them in the event of damage. This should ideally be reviewed once a year, making sure all details are kept up to date. Remember to also notify your insurer of any renovations and changes to your home.”
With climate change driving more extreme weather patterns, incidents of damage are likely to occur more frequently in the future. Zurich’s 2023 Global Risks Report found that climate change is the number one long-term risk facing the world.
Ben Wilson, The Association of British insurers’ Director of Corporate Affairs and Climate Change, said:
“The Environment Agency projects that winter rainfall could increase by between 6 and 13%, as sea level rises by at least 23cm.
“It is vital that the role of the insurance sector in helping property owners recover from the impacts of flooding should be complemented with greater investment in building and maintaining flood defences and a more co-ordinated approach to planning policy.”
Helping those impacted
Zurich has recently launched a build back better scheme to help flood-hit home and business owners improve their property resilience to future flooding. It also offers a free counselling service for customers impacted by flooding.
The insurer has also recently launched an industry-first bespoke concierge service for its personal lines customers. Customers who chose Zurich suppliers or select its ‘vendor journey’ option will be allocated a single concierge contact at the point of claim to help smooth the process of repair or replacement of damaged property. Any customer that is identified as vulnerable will automatically be allocated with concierge support.
Meanwhile Zurich has partnered with Airbnb to ensure people are who are forced out of their home have a greater choice in where they live, so they can be nearer to schools, work or relatives.
