The Association for British Insurers (ABI) has estimated that with the continued heavy rains, the cost of summer floods could top £2 billion.
This would make 2007 one of the worst years for insurers, according to the industry body, mainly due to the heavy rains of June and July.
Insurers paid out £2 billion in 1990, again because of floods, and £1.3 billion in 2000, but this year could end up surpassing either of those two years.
So far the cost of the damage of the June floods, which affected mostly the northern parts of the country, were at £1.5 billion.
The ABI said that the rains throughout the weekend would add hundreds of millions of pounds to the damage although it was too early to fully assess the damage.
In this occasion heavy rains affected southern regions such as Gloucestershire and Oxfordshire, some of which were faced with up 30 ft of water.
But the ABI also pointed out that the heavy floods in the previous decade had not seen a significant rise in premiums and customers should not be unduly concerned.
The main focus for insurers right now was in trying to get help to those struggling with the results of the floods, some insurers hiring private security guards to protect homes hit by the floods and deter looters.
Make sure to be covered with the right
home insurance. Check online or call
InsureandGo for some great value deals.