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Climate change leading to higher home insurance premiums

The Association of British Insurers has long recognised that climate change has been pushing up the price of home insurance premiums year upon year, with the extensive flooding over the summer this year further adding to the problem. Warm summer temperatures have also been responsible for increasing the number of claims for subsidence. Which is not only bad news for the people whose homes are now situated in recognised flood areas or areas of subsidence, but for all insurance customers, since the cost will be spread across everyone’s premium.

In the current economic downturn, a hike in insurance premiums is the last thing that stretched household budgets need. Unfortunately, home insurance is just one of those things that cannot be done without. While it is important to find the cheapest premiums available, it is infinitely more important to ensure that what is saved in premiums isn’t at the expense of adequate cover.

Some demographics are luckier than others are when it comes to getting a good deal. Just as young male drivers are the victims of high motor insurance premiums, fortunately for the over 50s they are often entitled to lower premiums than younger homeowners are. There are several large providers of over 50s home insurance whose policies are tailored to the needs of this demographic group. Often, these policies are more comprehensive than demographically non-specific home insurance policies. Features include larger allowances for rebuilding and contents cover, and often new for old cover on possessions. These allowances are intended for older people who have accumulated more capital in their house and its contents over the years.

Of course, if these allowances prove to be too generous for a persons needs, it is possible to have the cover of the policy reduced. This should bring down the price of the premium, in reflection of the reduced liability. But homeowners should never be tempted to reduce their cover too much – a few pounds saved on a premium is nothing compared to the cost of the shortfall in the event of a claim.

Take a look at the Legal & General website to get more information and a quote on home insurance.

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