It has been claimed in a recent survey that homeowners of households that are vulnerable to floods are risking their finances by reducing their level of home insurance cover.

A thawing recessionary climate and rising costs in home insurance premiums was egging them to this.

A report filed by the General consumer council in Northern Ireland has revealed its findings. The findings of the report claim that in comparison to those people living in low income areas in Great Britain, their Irish counterparts will be charged more.

For people living in Ireland in low income areas, the difference in price would amount to £345 more than in Great Britain.

A spokesperson for the Council has said that the excess cost in policy has forced many to belonging to the low income group to skip buying policies completely.

The problem is that people just cannot afford home insurance policies, although they know their homes are more vulnerable to floods.

In addition to this, the same consumer council found out in a similar study earlier this year, about the contents inside North Irish households.

According to this previous report, there are 33 percent of Irish householders who do not have contents or building insurance.

Officials from the council have submitted the findings of the former report to the Stormont Finance Committee a few days back.