Protecting your
home from the consequences of climate change
As global temperatures increase, the
chances of adverse weather and flooding in areas previously unaffected
by disaster is rising. The increased risk has inevitably boosted the
cost of home insurance; so many people are now paying over the odds to
protect their building and contents. Recent Government policy changes
will come into play soon, resulting in the development of new defences
and improvements, but until that happens there are still things you can
do to reduce your premiums if your property is within a home insurance
black spot.
1. Calculate the risk:
Understandably, many buyers would like to avoid moving to a flood-prone
area in the first place. Visit the Environment Agency website to view an
interactive map which will help you to assess your prospective
property’s risk of flooding, or ask your insurance company for further
information. Before signing the deeds, consult a selection of insurers
to estimate what your building and
contents insurance premiums
would be. Comparison sites are a good place to find
home insurance, but for
personalized estimates it’s better to contact a company like
Co-operative Insurance direct.
2. Prepare for the
worst: Reduce your premiums by protecting your home as much as
possible against natural disasters. By investing in disaster proofing,
for example story-proof windows to reduce the chance of breakage, you
will end up saving on your home insurance. Bear in mind that this also
applies to areas not at risk of natural disasters – fitting security
systems, smoke alarms and break-resistant glass windows can all result
in reduced premiums.
3. Increase your
excess: Another way in which you can reduce the cost of home
insurance, whether you live in a black spot or not, is to increase your
excess. If you’re in an area prone to flooding, wind or other weather
damage, you should weigh the cost of insurance savings against the
potential outlay in case of future damage. If you decide to commit to a
greater excess, make sure you’re in a position to pay it if the worst
comes to the worst.
4. Combine cover: A
crafty way of reducing your insurance costs across the board is to take
out an all-inclusive package with one company. Combing building and
contents cover, or insuring your home with the same company that insures
your car, could save you money on premiums. Check that you’re getting
the best deals by getting quotes from multiple insurers, or by using a
price comparison website to find the insurance company that is right for
you.
