As the clean up operation continues following the worst flooding to hit the UK in 60 years, figures reveal that up to 7,000 of the homes affected do not have contents insurance in place.
Insurance firms are set to pay out more than £1.5 billion to settle claims arising from the floods, with the Chartered Institute of Loss Adjusters and the Association of British Insurers estimating that domestic claims could reach £825 million.
This reinforces the need for networks to provide their intermediaries with the tools to ensure that their customers are fully protected for every eventuality, be it flooding, critical illness or unemployment.
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Clients are often reluctant to arrange protection at the same time as their mortgage because they simply believe they cannot afford it, so it is up to brokers to tailor protection packages based on their customers’ individual budgets and needs. They also need to highlight to customers the benefits of protecting their assets and families, and the possible consequences if they do not, which have unfortunately become a reality for many over the past few weeks.
Brokers should now take the opportunity to contact their clients and ensure that they are adequately protected. This will not only offer their client holistic advice, but also generate additional income.
Alex Cotton is chief executive at Network Data Limited
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