NU hikes property rates
Norwich Union is to raise domestic property insurance premiums by an average of 10% from next week, according to media reports.
The company told the BBC's Today Programme that home improvement, increasing numbers of bathrooms in homes, and expensive flooring had raised the cost of repair work and that the rises were not directly related to the recent flooding.
Norwich Union's parent company Aviva told investors earlier this week that the recent floods in the south of England would cost it £165m. This is in addition to an even earlier statemetn that the floods in the north would cost £175m.
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