More than a third of homeowners throughout the UK currently lack a home insurance policy, findings from a recent Fair Investment Company poll have shown.

According to the group, many people may find themselves facing “hefty” repair bills as a result of the failure to take out a policy, particularly those who live in an area deemed to be at a high risk of flooding. In such circumstances, people may need to turn to homeowner loans in order to carry out renovations. Indeed, with Homecheck reporting assets worth £214 million currently said to be at risk of falling victim to flood damage, the Fair Investment Company iterated the need to take out home insurance protection in an effort to reduce the financial burden of being struck by severe weather.

Currently, 38 per cent of households throughout the UK have neglected to take out a policy. In gender stratified statistics, 43 per cent of men were found to be without cover, compared with 36 per cent of women. And the problems associated with flooding may not end with simply not owning a home insurance policy, the firm warned. It reported that of those who do have a policy, residents in Wales and London are least likely to be protected against flooding by their insurance provider. Upgrading their policy may be of particular interest to Welsh residents, as it receives the highest annual rainfall in Britain on an average basis, typically witnessing 3,000 mililitres each year, compared with 2,000 mililitres seen in England.

For those who find themselves caught short of cover after severe weather hits, taking out a home improvement loan may prove a quick and easy way to get repairs underway.

Commenting on the statistics, spokesperson for Fairinvestment Rachael Stiles said: “It has come as quite a surprise that such a large volume of homeowners and tenants have no home insurance cover at all. Particularly considering the number of floods we have seen in recent years. With so many homes at risk due to poor flood defences, home insurance really is a necessity that should not be forgone. Brits are having to watch their spending as the credit crunch continues to take its toll, but home contents and building insurance should not be compromised when flooding is such a real possibility in the UK.”

However, the Fair Investment Company warned that even with an insurance policy, homeowners could find themselves paying an excess of up to 30,000 pounds because of the industrys inability to fund flood damage repairs, which cost more than three billion pounds in 2007 alone. Ms Stiles urged the government to increase its commitment to meeting such costs, as well as increasing investment in improving flood defences.

The companys proclamations echo earlier findings from the Association of British Insurers published in June. Research carried out by the group found that 74 per cent of Britons did not feel the government was doing enough in its efforts to fight flooding. In terms of rectifying the situation, improved drainage systems were identified as the top priority.

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