Suffolk homeowners struggle to rebuild after devastating floods
- Many homeowners in rural Suffolk are still displaced a year after severe flooding.
- Homeowners discovered they were underinsured because policies required coverage for rebuilding costs, not market value.
- Insurance companies have deducted 20% from claims, prompting homeowners to carefully review their policies.
In rural Suffolk, England, a year after devastating storms caused significant flooding, many homeowners are still struggling to return to their properties. Despite believing they had adequate insurance coverage, numerous owners have found themselves financially burdened due to underinsurance. This issue arises from the requirement to insure homes for their rebuilding costs rather than their market value, which can lead to substantial discrepancies, especially for older homes built with unconventional materials. Insurance companies have been deducting up to 20% from claims, citing underinsurance as the reason. Homeowners are left with the option of challenging these deductions through independent surveys, which may or may not yield favorable results. The situation has sparked a blame game between insurance companies and brokers, with each side refusing to take responsibility for the lack of clarity in policy details. As a result, homeowners are advised to thoroughly read their insurance policies to avoid similar pitfalls in the future.