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Recent Floods
It is safe to assume that most, if not all insurers, across all classes of business, have been affected by the recent Nationwide Floods.

The Association of British Insurers have stated that ‘Insurers are working round the clock to help customers following the floods and are currently handling over 50,000 claims following the recent floods, as well as the earlier flooding in Yorkshire.’

Latest figures show that the July floods have so far resulted in 12,000 claims for flood damaged homes, and 3,500 claims from businesses. At this early stage the estimated insured cost is likely to reach £1 billion. This would push up the estimated combined cost for both flood incidents to £2.5 billion.

While insurers are doing everything possible to handle all claims promptly, recovery is expected to take some time, as there is immense pressure on companies, equipment and suppliers, especially loss adjusters and restoration management companies. It is clear that there are, unfortunately not enough specialist contractors to meet the demand of the immense clean up operation.

Clean Up Tips
Restoration of the home should not be attempted until there is no threat of further flooding.

Disinfect everything that has come into contact with the floodwaters before use and open doors and windows to ventilate the property.

Wear protective and waterproof clothing, including gloves.

Wash hands with disinfectant if there has been any contact with floodwater

When able to fully assess the extent of damage sustained to the property, be aware of bulging or dislodged sections of the building fabric/structure. Check for any new cracks bigger than 5mm above door or windows. If either of these features are observed, inform the relevant insurance company immediately. It is also important to make daily checks for damage, as it may take a while for some changes to become apparent.

How will this affect the future cost of flood insurance?

The cost and, ultimately, availability of insurance depends on the level of risk affecting the home, namely the probability or frequency of flooding and the cost of damage when a flood happens.