Digital map to bring down premiums
Leading insurance provider Norwich Union has unveiled a digital map of Britain that it says will make premiums fairer for up to 600,000 homeowners.
At the moment thousands of people are unable to find affordable home insurance cover because they live in areas deemed at risk of flooding.
Most insurers set premiums based on postcodes, meaning that homes that have never flooded can often be penalised.
Norwich Union believes its digital map will allow it to make much fairer decisions.
“Although insurance companies can’t stop properties being flooded, we believe we have a responsibility to ensure flood risk is calculated as accurately as possible,” said Laurence Loughnane, head of underwriting at Norwich Union.
“Because of the level of detail provided by the map, people who previously thought their property was uninsurable could now obtain cover.”
The digital map enables Norwich Union to predict how often an area is likely to flood and to what depth.