UK insurers can no longer safely insure the risk of flood within the Essay

UK insurers can no longer safely insure the risk of flood within the UK and home and business owners will have to look out fo - Essay Example The rapid development of the insurance industry borrows from the fact that inhabitants have the wealth and can readily afford to ensure that their security is vastly cared for hence resorting to investment in their security and that of their wealth. The insurance industry undertakes a wide range of covers from fire, accidents, and financial loss agricultural risks and to the extreme floods risk policies which were developed recently to cover the risk of floods on property owners, businesses as well as home-owners. Need for flood insurance The current debate on whether insurers should continue providing covers to flood and flood related cases has become very fierce. UK citizens see it as a necessity for their security and hence demand for such covers as well as advocacy for the government to regulate the industry through policies that suite the consumers of the product. On the contrary the insurers argue that despite introduction of the flood and flood insurance products its nature po ses very great risk and high costs in its insurance. Choosing your flood insurance or insurance cover is an important decision that you should not be rushed into or about. So much has to be considered before making a choice on an appropriate cover is made. Time should be taken by the buyers of covers to ensure that they are exposed to all the available flood insurance covers. This information is available from several sources ranging from insurance firms, government all through to the various media sources. Shopping around various information sources is done to ensure that the consumer of the products get well- priced and competitive flood insurance policies (Evans, 2005). In the UK getting a flood zone insurance policy will help you feel at ease when emergencies like floods arise. Whatever the state of your house is, whether bought or undergoing the payment of mortgage, you should get adequate insurance so that if your house is damaged beyond repair, your insurance policy will cove r the replacement price or cost of rebuilding a new and similar house incase its completely destroyed. Requirements for a better flood insurance cover When a consumer makes a choice where to get a flood zone insurance cover, the consumer can then just fill the forms sent by the insurer providers and may even do enquiries on more information to ensure that no mistake is made as the form is being filled as this may be all against the consumer himself. The buyer of a product must also take into consideration the price quotes included in your flood insurance cover. There may be expensive quotes that may include cover for risks that that are irrelevant to the needs of the consumer hence not actually needed, therefore should be avoided buy the buyers hence choice of the price quotes that cover vital things relating to the risk of floods (Gammell, 2009). Honesty with your flood zone insurance cover providers should be highly maintained. Tell the insurers about the contents of your home ful ly if for example it is contents cover you are taking. Your future insurance claim may be at loggerheads when you become dishonest with your insurance company. Honest and full discloser of information is done during the assessment phase by the insurance support staff. But as it’s the practice, the Insurance companies will usually ask buyers of covers to get a policy for both their buildings including the contents of your property, the same requirement are demanded from the business