The impact of the recent floods which ravaged England will now be felt in consumers' pockets, with Norwich Union one of the first to announce a 10% average building and contents premium increase.
It says it will up premiums from Monday, affecting new customers and existing business on renewal. “As we have a rating system which is increasingly able to reflect accurately the different risk in different areas, some people’s premiums will increase by less than the average and some by more,” Norwich Union says. “Those who live in areas with an increased risk of flooding pay more, however those who live elsewhere are still at risk of flooding to some extent and this is allowed for in our rating.” It added home and contents premiums generally remained untouched for about 10 years, and w...
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