Homeowners across the country may find that they have been served a timely reminder of the need to purchase adequate home insurance, it has been claimed.

In the early hours of this morning, the biggest earthquake registered for nearly 25 years struck many parts of England and Wales. Measuring some 5.3 on the Richter scale, Abbey Home Insurance pointed out that the occurrence may persuade those consumers who do not have sufficient cover, or lack a policy altogether, to have a rethink.

Although some 1,100 claims have been made in the first 12 hours following the earthquake, the financial services firm suggested that many more may be filed in the days to come. It was also pointed out that about 200 earthquakes occur in the country every year, although rarely of this magnitude. Citing research carried out by the Association of British Insurers, it was revealed that a quarter of homes are underinsured, with some policies not incorporating damage carried out by earthquakes. The financial services firm reported that should such consumers find their home is struck by extreme natural occurrences in the future, the cost of fixing the damage that they incur could be “staggering”.

And following on from a lack of insurance, those consumers whose home is damaged by an earthquake, hurricane or any other kind of natural disaster damages their home may find that pressure on their finances rises. As such, homeowners could find the cost of repairing property and replacing possessions impacts upon their capacity to meet mortgage and loan repayments, in addition to other demands such as household bills and transport costs.

Commenting on today’s tremor, Tony Beckwith, director of Abbey Insurance, said: “Like the floods of 2007, it is hard to prepare your home for unexpected incidents like this morning’s earthquake. These incidents can dramatically affect the structural safety of a home, but with a good insurance policy that offers comprehensive protection for your property, your ability to recover from the unexpected will be a lot easier. We would advise anyone affected to check their property, contacting the relevant utility company or their insurer if they see anything unusual.”

For those consumers who discover their home is damaged by the elements, whether it has been struck by the most recent earthquake, floods or otherwise, taking out a low-cost homeowner loan could be an effective way to finance repairs. In applying for this type of UK loan it is possible that people will not only be able to purchase materials to get their home back in shape but also to hire professionals to carry out such work. Furthermore, the taking out of a cheap home loan could provide Britons with additional financial assistance to allow them to purchase adequate buildings and contents insurance cover to help them avoid incurring such monetary difficulties in the future.

This may prove to be of increasing assistance to homeowners after David Rochester, head of underwriting at Halifax Home Insurance, recently reported that the number of properties at risk of incurring flood damage has trebled over the past few years. The insurance firm pointed out that in recent months homes across England and Wales have been damaged by high winds and floods and as such consumers should take the time to make sure that they have sufficient home insurance.

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