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The instant after-effects of flooding are quite disastrous, but some outcomes of flooding can stick around far after the incident. For instance, making an insurance claim for flooding means that you will be entitled to increased premiums from now on wards.

In this blog, we will be looking at whether or not your premiums will increase in the future.

According to an expert opinion, the competitive market has made it evident for insurance companies to struggle for your business. Meaning, your premiums might not increase. Although, this does not mean that insurance companies are not likely to increase your premiums. Generally, if you produce one claim or more throughout the year, it could possibly affect your premium at renewal. Yet, the level at which your premiums switch, depends on the cost of the claim. Comparably, small claims are rare to make much of a difference.

Generally, flood claims can cost you thousands of dollars. If you make a claim of any amount, you could potentially lose your “no claims discount” that you have built up over the period of time you’ve been with the company. This will in turn make your premiums more expensive.

Risk Premium – any modifications to premiums will be based on whether or not you reside in a flood prone area. If a person who lives in an area which is usually not affected by floods, and has been affected recently, they will possibly be able to get an inexpensive renewal since the market is quite competitive. Comparably, those who are affected due to living in known flood hazard areas are likely to have their old premium or increased rates if a there is a flood.

Despite your best guess regarding your home insurance, bad weather is uncertain and can occur without prior notice, although it is still vital to insure that you are prepared against probable floods if you live in a possible risk area. You can inspect about it on Environment Agency’s website. One should be exceptionally prepared for any possible natural disaster so that less damage occurs on your property. This might result in your home insurance claims to be small. For people whose houses that are at a more severe risk of possible floods, should take the following steps to contain the likely damage:

• Prepare a list of important contact numbers such as, your home insurance providers and your loved ones.
• Have sandbags stored at your home to hinder any points from which water might enter such as, doors and windows.
• Move your expensive valuables upstairs, or, as high off the ground as possible.
• Important documents should be kept in a plastic waterproof concealed container.
• Unplug all electrical appliances. Switch off your gas supply. Do not forget to enter standing water if the electricity switches are turned on.
• Update a kit which includes necessary items such as food, drinks, torch, warm clothes and a charged mobile phone.
• You should also consider moving your automobiles to a higher ground.