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Climate Change & Insurance

18 10, 2024

How the Climate Crisis is Impacting the UK Property Insurance Market

By |2024-10-18T10:26:38+00:00October 18th, 2024|Climate Change & Insurance, Property Developer Insurance, Property Owners Liability Insurance|0 Comments

How the Climate Crisis is Impacting the UK Property Insurance Market in 2023-2024 The UK property insurance market is increasingly being reshaped by the climate crisis, with extreme weather events such as storms and flooding becoming more frequent and costly. Recent data from 2023 and 2024 highlights the financial strain on insurers and property owners alike, driven by more severe storms, heavy rainfall, and unpredictable weather patterns. Rising Claims Due to Extreme Weather In 2023, UK insurers faced record-breaking claims from weather-related damage. Storm Babet, which struck in October 2023, was one of the most destructive, causing extensive flooding and contributing to a surge in claims. The overall average cost per weather-related claim increased by 73% between 2018 and 2023, reaching a high of £143,178 per claim. This is largely attributed to more intense storms and heavier rainfall, exacerbated by climate change Home | ABI  Imperial College London. Get [...]

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30 11, 2023

Adapting to Change: Climate-Resilient Property Maintenance Strategies in the UK

By |2023-11-30T12:35:09+00:00November 30th, 2023|Block Of Flats Insurance, Buildings Insurance, Climate Change & Insurance, Home Insurance|0 Comments

Adapting to Change: Climate-Resilient Property Maintenance Strategies in the UKThe UK government has unveiled its third National Adaptation Programme (NAP3), outlining a strategic five-year plan to boost resilience and protect people, homes, and businesses against the risks of climate change. With a commitment to embedding climate resilience, extending support to vulnerable communities globally, and ensuring a healthy natural environment, the government is taking proactive measures to address the challenges posed by a changing climate.To effectively combat climate risks, the government is investing billions in flood and coastal schemes and nature-based solutions. This comprehensive plan encompasses various sectors, including infrastructure, health and wellbeing, nature conservation, cultural heritage, and more. In light of these efforts, climate resilience in property maintenance strategies has become increasingly crucial. This guide is very helpful for all property owners. For those with more than one property, you may wish to check out the insurance offerings for block insurance [...]

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12 07, 2023

How Climate Change May Affect Your Property Insurance In the UK

By |2023-07-14T10:16:45+00:00July 12th, 2023|Block Of Flats Insurance, Climate Change & Insurance, Home Insurance, Landlord Insurance, Property Developer Insurance, Residential Landlords Insurance|0 Comments

How Climate Change May Affect Your Property Insurance In the UK Climate change is an issue that affects us all, and its impact can be seen in various ways. One of the ways it can impact us is through our property insurance. With extreme weather events becoming increasingly common, insurers are facing new challenges in assessing and mitigating risks associated with climate change. As a property owner, it's important to understand how these changes can affect your coverage and rates. In this article, we will delve into how climate change can impact your property insurance in the UK. We will explore the potential changes in coverage and rates, as well as the steps you can take to mitigate these risks. We will also address common questions and concerns regarding climate change and property insurance. Get a Quote Insurance under one roof [...]

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24 01, 2023

How to Prepare for Flash Floods and Thunderstorms

By |2023-01-26T15:16:28+00:00January 24th, 2023|Climate Change & Insurance|0 Comments

How to Prepare for Flash Floods and Thunderstorms The Met Office has recently issued a warning for severe flash flooding and thunderstorms in the coming days. These weather events can be extremely dangerous and destructive, not only because of the force of the water but also because of the debris that the current frequently carries away. Unfortunately, these types of weather events are no longer rare and can cause significant damage to homes and businesses. With the current heatwave, the problem is exacerbated because dry soil compacts, making it difficult for rainfall to infiltrate the ground and instead causing flash flooding. Get a Quote Insurance under one roof We are specialists in many types of insurance How can I protect my property during a flood? If your [...]

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23 01, 2023

Subsidence and property insurance

By |2023-01-23T10:30:55+00:00January 23rd, 2023|Climate Change & Insurance|0 Comments

Subsidence and property insurance Subsidence can be a serious problem for homeowners and presents itself as a gradual sinking or movement of the subsurface at an integral point to the structure of the building. As subsidence prevalence is often unpredictable ahead of time, all property owners must take out subsidence coverage with their existing insurance policies – otherwise, they risk not being able to claim these subsidence damages. Building insurance will typically provide subsidence coverage due to how much damage subsidence can cause and how expensive those repairs are. From loosening foundations, and cracks in the plasterwork, to more extensive structural problems, subsidence can affect both older properties as well as newer builds alike. Being aware of subsidence from day one with appropriate insurance coverage has never been more important – and this small but valuable step could save you thousands in costly repairs down the line. So make [...]

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