Floods may cause 50% home insurance premium spike
Home insurance renewal premiums could rise by up to 50% in wake of the latest floods, PricewaterhouseCoopers (PwC) has warned.
Mohammad Khan, insurance partner, PwC, explained: "Following the latest floods to strike the UK, we expect insurance renewal premiums to rise between 10% and 50% depending on the severity of flood damage caused.
"Even those not affected are very likely to see their premiums rise by up to 5% - flood damage therefore is not just a problem for those currently affected but one for the UK as a whole."
And Domenico del Re, catastrophe expert, PwC, explained that the new legislation to ensure new
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