This summer saw torrential rains in Yorkshire and around the south Midlands area. The devastation caused from the floods that followed these downpours shocked the nation, and resulted in several billion pounds worth of damage.
Many homes and business were affected severely and some are still waiting to get their lives back on track, months down the line. Insurers have to make up for the money spent on repairing buildings and temporarily rehoming those affected.
Unfortunately as a result the average cost of home buildings insurance has now increased in the UK, by as much as 3%, up to £215. Home contents insurance premiums are also affected and have risen by an average of 2% nationwide, approximately £150.
These are the biggest increases in this field of insurance in over a decade. Lets hope they don’t continue to rise to much and still say affordable and accessible to everybody.
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