Bought By Many aims to tackle issues of flood damage to UK homes and calls for new home insurance policies
With the Environment Agency stating that up to 200,000 UK homes are at “significant risk” of severe flood damage, and many homes in danger of becoming uninsurable from June 2013, Bought By Many, has launched a collaborative home insurance group for flood risk areas aimed at pushing the industry to create a new policy to help combat this issue. Floods in the UK are set to increase over the next 25 years, and with recent talks on dealing with the situation between the government and the Association of British Insurers (ABI) failing to reach a decision, the group aims to bring consumers together to help to drive costs down at a time when ideas from the industry haven’t yet provided a solution.
Bought By Many, a company bringing people power to insurance, plans to create a policy split into two parts; insurance against all risks associated with owning a home except flooding, and an optional add-on to cover floods. Steven Mendel commented: “We're focusing on people who live in areas where flood risk is significant, giving consumers a say on how they insure their property from damage. Our plan is to work with an insurer open to helping us fight to bring a solution to a problem faced by many.”
To find out more about the home insurance group for flood risk areas and other concepts from Bought By Many including travel insurance for people with diabetes and Pug insurance, visit www.boughtbymany.com
About Bought By Many
Bought By Many uses social media to level the insurance playing field for consumers. It connects people with similar insurance needs in social buying groups. These groups can consist of people who share a postcode, a profession, a passion – or anything else. It then creates the opportunity to buy insurance on more favourable terms than would be available to them as individuals. And for insurers, it creates the opportunity to reach the risk segments they most value, profitably, and at meaningful scale. For more information visit boughtbymany.com.
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