Flood claims ‘could pose debt problem’
Britons could develop a debt problem if their insurance claim is rejected following recent flooding, it has been warned.
Over a quarter of a million (257,000) claims are turned down each year due to being underinsured, according to Abbey.
And the firm states that on Monday, June 25th, adverse weather conditions led to it receiving 8,600 claims in 24 hours.
Prasad Shastri, head of insurance marketing at Abbey, advises that for many Britons, “the scale of the damage has come as quite a shock”.
Meanwhile, price comparison service moneysupermarket.com warns that there are a number of ways in which the flooding could pose a debt problem to consumers.
Those who did not move expensive items upstairs out of the reach of the water could find they are not covered by policies, director of insurance Richard Mason suggests.
“Your insurer will expect you to minimise your claim in this way,” he warns.
Furthermore, Britons who do make a claim could find subsequent premiums increased, adding to their debt problem, Mr Mason propounds.
Victims of the recent flooding could welcome the news that there is help available to tackle any debt problem which may have developed.
Leave a Reply