Tag Archives: Buildings & Contents Insurance

Over £1 Billion Per Annum Saved By UK Inland Flood Defences

Some interesting research has been carried out relating to the amount that is estimated is being saved in flood damage here in the UK due to the inland flood defences that have been put in place over the years.  The research was carried out by Risk Management Solutions (RMS) on behalf of Flood Re.

The research took into account many thousands of weather event simulations so an awful lot of work has obviously gone into producing the information. The research took into account the situation both without and with flood defences.

You may be surprised at just how much flood damage could be caused inland such as due to rivers breaking their banks. Apparently, it is estimated that with flood defences in place the cost of water damage could amount to around £0.7 billion. However, without flood defences in-situ it is estimated that the cost of damage caused by water could be in the region of £1.8 billion.

That is a huge potential saving of around £1.1 billion as a result of having inland flood defences in place.

An example of the benefit of having flood defences in place can be found in Bewdley, Worcestershire. This small, picturesque Georgian town has the River Severn running through it. For many years, on occasions, the river burst its banks and a significant number of homes and businesses running along the side of the river were flooded causing a great deal of flood damage to buildings and their contents as well as much heartache for the owners of those properties. That was until a few years ago when flood barrier defences were strategically put in place along the side of the river. Since then, there has not been a significant problem with flooding in that location.

Owners of properties within flood risk areas of the UK are likely to be charged more for their buildings cover so it may be a good idea to shop around. In that respect, why not get in touch with us here at AIB Insurance on 02380 268 351 and discuss your requirements with an experienced member of our team who will do all that he or she can to help source suitable, competitive, quality home insurance to cover both your buildings and any contents.

25% Of UK Households Have No Contents Insurance

Whilst it is not a legal requirement to insure the contents and personal possessions in your home, surely it is a sensible thing to cover against the likes of fire, theft or accidental damage. After all, the cost of replacing things like your furniture, white goods and clothes could run into many thousands of pounds.

Well, according to the recently published ABI’s Home Insurance Premium Tracker covering 2018, a staggering one in four households here in the UK have not bothered to arrange such cover. That equates to around six million households.

Yet, the average cost of insuring home contents is only £127 per annum. That is a mere £2.44 per week – a small price to pay for the peace of mind of knowing that you can replace your contents if they are damaged in a fire and only have to pay the excess towards the cost of the items replaced.

Below is a list of the percentage of households in the UK that do not have home contents insurance broken down on a regional basis: –

Northern Ireland                      18%

South East                               19%

East Midlands                         21%

Yorkshire & Humberside        22%

East Anglia                             22%

South West                              22%

Wales                                      22%

North West                              24%

Scotland                                  26%

West Midlands                        28%

North East                               32%

London                                    45%

As you can see, Northern Ireland has the lowest percentage of households without contents cover at 18% and London has the highest percentage at 45%.

The above tracker also revealed that the average premium for buildings insurance in 2018 stood at £258 per annum with this being a drop of 8% when compared with the previous year. The average cost of combined buildings and contents insurance was £307 per annum with this being 1% more than in 2017.

Here at AIB Insurance, we have an extensive panel of closely vetted insurance companies that provide buildings and contents cover. So, if you are a single person living in rented accommodation looking to insure your contents or a family living in your own home looking to cover the buildings and contents, why not give us a call on 02380 268 351 and speak with a friendly, experienced member of our team. He or she will discuss your requirements and then look to obtain a no-obligation quotation from one of our panel members with a view to providing you and your family with complete peace of mind. We look forward to being of assistance.

Home Insurance Premiums Rise In 2016

Unfortunately, according to the most recent AA British Insurance Premium Index that looks at the average of the 5 cheapest premiums, there has been an increase in the cost of obtaining home insurance last year. This comes on top of higher fuel prices seen at filling stations and an increase in motor insurance premiums.Home Insurance

In the space of 12 months, the cost of buildings cover rose to an average of £114.43 per annum in the final quarter of 2016 from an average of £106.36 per annum in the last quarter of 2015 with this equating to an increase of 7.6%. Between the third and fourth quarters of 2016 such cover rose in cost by 1.1%.

In the space of a year, the cost of contents cover rose to an average of £60.69 per annum in the last quarter of 2016 from an average of £58.67 per annum in the last quarter of 2015 with this being an increase of 3.5% although, interestingly, the cost of such cover between the third and fourth quarters of 2016 actually dropped by 5.7%.

In the space of 12 months, the cost of combined buildings and contents insurance rose to an average of £157.27 per annum in the final quarter of 2016 from an average of £150.67 per annum in the last quarter of 2015 with this being a rise of 4.4%. Between the third and fourth quarters of 2016 such premiums rose by 0.3%.

London and the South East is the region in the UK where it costs the most for a combined buildings and contents insurance policy with the average premium being £165.93 per annum in the final quarter of 2016. The West and West Country is the least expensive for this type of cover in the same period with the average premium being £146.58 per annum.

Here at AIB Insurance, we have an extensive panel of insurers offering buildings and/or contents insurance. So, why not get in touch with a member of our team on 02380 268 351 to discuss your requirements and obtain a quote without any obligation to see if we can save you any money on this valuable type of cover.