A new survey conducted by Fair Investment has revealed that 38 per cent of households do not have any home insurance. The research further revealed that men are less likely to take out a home insurance policy than women, with an average of 57 per cent of men taking out a policy, compared to 64 per cent of women.

This comes as the news broke that 10 per cent of all British households have a serious risk of flooding; according to data provided by Homecheck, property worth £214 billion is currently at risk of flooding throughout England and Wales.

The Association of British Insurers (abi) warns that annual flood damage is expected to increase from £1.5 billion to £3.5 billion over the next few years, with payouts for flooding increasing accordingly. The ABI also reported that in 2007 storm damage last year amounted to £266 million and floods in Hull alone caused an estimated £200 million of clean-up costs, with 7000 homes and 1300 businesses hit. Despite efforts by the council and the AIB to limit costs, there are already cases of people facing an excess of £10,000 compared with £50 before the flood.

James Sherwood-Rogers, Managing Director of Landmark Legal & Financial, commented: "Whilst properties are technically insured they are not always effectively covered. With the Met Office's 10-year climate forecast warning of more of last summer's kind of flooding; and the Government allowing house builders to construct new homes on flood plains; not only must solicitors ensure their clients are certain about current insurability, but also about any risk of flooding – hence the importance of obtaining a Homecheck Professional Flood Report."

"It has come as quite a surprise that such a large volume of home owners and tenants have no home insurance cover at all. Particularly considering the number of floods we have seen in recent years," commented Rachael Stiles, spokesperson for Fair investment. "With so many homes at risk due to poor flood defences, home insurance really is a necessity that should not be forgone. Brits are having to watch their spending as the credit crunch continues to take its toll, but home contents and building insurance should not be compromised when flooding is such a real possibility in the UK."

For households that have already made a claim for flood insurance, excesses could now be in the region of £30,000, according to Homecheck Flood.

Stiles added: "Although it is down to insurance companies to cover homes in the event of a flood, the Government should also bear some of the responsibility. Flood defences need improving, and until the Government does more to prevent floods from damaging people's homes, insurers are unlikely to bring down premiums and excesses, especially for those whose homes have already been affected."

55,000 homes and businesses were flooded in summer 2007, the cumulative claims to insurance companies is estimated at £3 billion. Two thirds of residents hit by last year's floods believe that they are likely to happen again on the same scale in their area.