Home insurance set to double to pay for large damage claims
Homeowners in Leitrim face paying twice as much when they renew their house insurance this year, as the industry seeks to absorb the half-billion euro cost of extreme weather damage.
The massive €541m payout for November's floods and January's cold spell was revealed by the Irish Insurance Federation (IIF) amid warnings premiums would have to rise.
The total cost - including €244m for the floods and almost p300m for the big freeze - was more than the insurance industry paid out for all similar weather damage over the past 10 years combined.
Over 2,000 claims were made in Donegal, Sligo and Leitrim for burst pipes during December and January – at the height of the cold snap.
Over 200 claims were made for flooding during November in the North West, the majority of which were in Leitrim.
The IIF have said that the enormous claims would inevitably lead to higher premiums with indications that the rise could be as much as 50%
The Consumers Association of Ireland said that double-digit increases could result in homeowners being unable to afford insurance, and that companies had to recognise that customers were already paying for risk.
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Weather for Carrick-on-Shannon, Ireland
Thursday 17 May 2012
Today
Light rain
Temperature: 5 C to 11 C
Wind Speed: 7 mph
Wind direction: South
Tomorrow
Light showers
Temperature: 6 C to 11 C
Wind Speed: 10 mph
Wind direction: North east
