Recent official data shared by the Association of British Insurers (ABI) has revealed that the immediate financial effects of flooding cause a major dent in the nation's funds, but it is often the subsequent costs invested over a period of time which hurt and worry more.

Figures shared by the association say that the average immediate cost of damages to homes due to flooding can range between ?20,000 and ?40,000 per property. But post floods, it can take as many as 12 months for properties to completely dry out, and expenses needed during that period are much more.

Costs of the severe floods that hit the Northern England region on Friday are yet to be calculated, but experts and agencies are positive that these will cause much less damage than the floods that hit the country nearly 2 years back and left the insurance sector with a whopping ?3 Billion bill. So far, the calamity has affected 1,000 properties, as compared to the 55,000 that were hit during the summer of 2007.

In addition to covering costs of damages, the ABI has shared that most insurance policies cover the cost of an alternative accommodation for people who move out of their homes while they are being repaired.

(Via TopNews United Kingdom)