Home Buyers Could Be Worried by Premiums

A representative from the ABI (Association of British Insurers) according to property people told the London Assembly that the costs of insurance premiums could be a concern for home buyers in Thames Gateway.

Property insurance is at the moment easy to get hold of, as it is a very competitive market. Due to the recent flooding which affected the UK many homes may be classed as uninsurable.

It has been estimated by the ABI that claims due to recent flooding have come to around £3 million with approximately 60,000 claims.

Chairman of the Committee Tony Abour stated “While the insurance market is competitive, there will also be someone willing to cover a higher risk of flooding”