Insurers are set to pay out an average £32,000 per household for flood claims following the destructive storms last month, according to the Association of British Insurers (ABI).
The industry body estimates that the clean up after storms Dennis and Ciara is set to total more than £360m, with about £214m going on flood and £149m on wind damage.
The clean-up operation is still under way in affected areas, with the Environment Agency confirming that it is still pumping almost one billion litres of water a day out of areas of East Yorkshire which were hit by floods.
Mark Shepherd, the ABI's head of general insurance policy, said: “With some properties still under water, making emergency payments and arranging emergency alternative temporary accommodation or trading premises is very much a live issue.”
But people should not expect a hike in premiums as a result of the insurance claims.
ABI spokesman Malcolm Tarling told the BBC: "Insurers take these events on the chin. They expect flooding and bad weather to occur, and they plan for it.
"Insurers will look at the predictions for bad weather. They know that flooding is going to get worse and become more significant, and insurers will take that into account when they set their prices."