Imagine the scene, you wake up early on a morning with the sounds of the wind blowing and rainfall bashing against you room window. You alleviate yourself out of bed, walk down the stairs of yours and are confronted with the home of yours under six feet of flood water. And thus starts the distressing and long method of recovering from flood damage. And picture your horror and shock whenever you call your insurance company and then find out you do not possess the covering you believed and your case is rejected!
This horrific situation whilst unusual could well be on the expansion as house and business people seek out the most affordable possible insurance premiums without first looking in to the covering they really provide.
Mark Burdett, Marketing Manager of Gateshead based Commercial General Liability Insurance Brokers had this to tell you, “The recent flooding several areas of the UK has seen is very likely to get an unwanted influence on insurance premiums with insurance companies as Norwich Union currently announcing price increases. Among the issues with improved insurance premiums is that individuals will normally look to lower expenses by looking around for the most effective deal. The potential drawback to this’s that they then choose the least expensive premium quoted without really looking into the lid it provides. And sadly this may well lead to cover not remaining in place which might just come to light when a loss happens and discover they are not covered.”
So with flood claims that seems on the expansion for a lot of business and also home managers, Mark suggests most people when looking to get home or maybe small business insurance ensure they: one. Get the covering really required. For home owners this may really mean accidental damage whilst for small business owners’ and even business insurance business interruption might be more advantageous. A number of these cover types are usually marketed as optional extras so do not be enticed with probably the lowest premium without understanding what it can (and possibly much more importantly) what it really does not protect you for.