The affect storm Ciarán had on the insurance industry
Storm Insured losses from Storm Ciarán (Emir in Germany) are estimated to be between €0.9 billion and €1.5 billion, according to risk modelling and solutions company Moody’s RMS.
The British Insurance Brokers’ Association (Biba) said that temporary emergency repairs at a reasonable cost should be paid by insurers.
Many home insurance policies and business policies cover flood and water damage, but it is important to check exclusions or excesses in the policy that may affect the cover
Flooding was expected in 77 areas, according to the Environment Agency, most of which are on the south coast of England. More alerts for possible flooding are also in place across England.
Flood damage caused to cars should be covered by comprehensive motor insurance, and Biba suggested that cars standing in water for any length of time should be checked as brakes or other components may be affected.
If a home has been made uninhabitable, the reasonable cost of alternative accommodation will usually be met, up to stated limits, by insurers however the exact terms and conditions of individual insurance policies will vary.
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