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Tuesday, August 07, 2007

Insurance Premiums To Rise

Adding to the woes of many of Britain's beleaguered homeowners (beset as they are by rising mortgage costs and flood damage in some parts of the country) is the announcement by two insurance companies that they will put up the cost of household insurance by an average of 10%.

Norwich Union has increased premiums this week, and Lloyds TSB is also expected to follow suit. The companies blame the recent floods.

The higher premiums will affect existing Norwich Union and Lloyds TSB customers who renew their buildings and contents insurance policies, as well as new customers. The price increases will apply to all customers, not just those who were flooded.

It is also reported that Direct Line and Churchill will also be raising premiums. However, it is not clear by how much.

The lesson here is, don't build homes near rivers!

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