INSURANCE CLAIMS FOR the damage caused by last week’s flooding could reach €100 million – and could have a knock-on effect on premiums.
That is according to the Irish Brokers Association, which said that claims could hit staggering levels following the flooding.
It also said that this in turn could have a knock-on effect on premiums, but that depends on whether we get more “weather-related catastrophes” this winter.
Because insurers can take different approaches to payouts and cover, the IBA recommends that people should seek professional advice from brokers.
The IBA recommends a number of steps for homeowners, including the following:
- Arrange for any necessary emergency repairs to be carried out to stop any damage getting worse.
- Make every effort to keep evidence of damaged goods, and/or receipt everything your replace.
- Do you need to move out of home while it is being repaired? Check with your insurance broker as most policies will cover the cost of alternative accommodation.
- Have an expert check the power and gas supplies before turning them back on.
- Mark water levels on the walls for reference and photograph/video all the flood damage.
- Beware of bogus tradespeople.
Brian McNelis, Director of General Services at the IBA, said that any increase in rates will really depend on the level of weather-related claims over the winter.