In the wake of the new report by Sir Michael Pitt concerning the UK's ability to manage flood damage, Fairinvestment.co.uk claims all consumers should be aware of the importance of home insurance cover.

James Caldwell, director at the website, claims the fundamental changes outlined in the report need to be implemented to stop a repeat of last year's floods which cost the insurance industry £3 billion in payouts.

He said homeowners must be aware of the importance of having home insurance and encouraged people selling their properties to advise prospective buyers of the risk of flooding in the area as they could incur expensive premiums to protect the house.

"We would … like to remind all homeowners of the importance of adequate home insurance. The Pitt report points to an increased risk of flooding in the UK, demonstrated by last years sheer unexpectedness, which indicates that floods could potentially affect anyone," Mr Caldwell said.

Fairinvestment.co.uk is a financial comparison site which claims to provide objective news, reviews and information on products such as car insurance and mortgages.

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