Home Insurance -
Home insurance premiums are static - 22/04/2008
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A predicted rise in home insurance premiums has failed to materialise, according to recent figures.
The AA British Insurance Premium Index has released statistics which revealed that building insurance quotes remained static and buildings insurance quotes had just a 1 per cent rise in the past year.
Andrew Strong, CEO of AA Insurance, said: "Speculation that home insurance premiums would rocket because of last year’s floods was clearly wrong. But I do expect premiums to continue rising over the remainder of the year."
However Mr Strong warns that if premiums fail to increase in realistic increments a large increase might manifest.
Despite the appeal of static premiums to consumers and those affected by flooding Mr Strong remarked that it was important not to assume that policies would be indefinitely renewed.
"It’s vital that proper investment is made to protect homes and businesses from flood risk and that careful consideration is given to the location of new housing stock," he added.
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