Financial News

• Brown dismisses housing crisis fears (09 04 2008 10:15)
• Mortgage hope offered by bank (09 04 2008 10:15)
• Consumer morale 'falls again' (09 04 2008 10:15)
• Bristol & West withdraws deals (09 04 2008 10:15)
• Retirees feel 'unhappy due to no longer working' (09 04 2008 10:15)
• Severn Trent to be fined £36m (08 04 2008 04:15)
• Brown to announce first time buyers help (08 04 2008 04:15)
• UK bank details 'for sale by thieves' (08 04 2008 04:15)
• Last 100% mortgage to disappear (08 04 2008 04:15)
• High earners 'shut out of market' (08 04 2008 04:15)

Subscribe!

Home owners may not be covered for storm damage

Home owners are being urged to check they have the correct level of buildings insurance by industry experts.

Complaints to the Financial Ombudsman Service (FOS) concerning buildings insurance has risen to over 30 per cent in the past year. Stormy weather and having inadequate insurance cover are attributing factors.

Graeme Trudgill, technical services manager at the British Insurance Brokers' Association (BIBA), said: "You need to think about whether you have the right amount of protection.

"The easiest way is to get your broker to work this out for you or go on to the Association of British Insurers website, which has a calculator to do this for you,"

The FOS report that the increase in complaints concerns issues with individual repairs rather than entire claims being denied.

A FOS spokeswoman said: "Much of the increase in cases may be attributable to the fact that insurers now take responsibility for more stages of the process so rather than writing a cheque for the amount of damage, they will appoint companies to undertake repairs."

Flood damage in 2007 led to a £3 billion payout from insurers.

Send this article to: