Government urged to address flood insurance
The Government is being urged to announce proposals to address the matter of flood insurance after June 2013, when the Statement of Principles expires.
The Statement of Principles was made between the ABI and the Government, and commits insurers to providing flood insurance (in given circumstances).
As insurance policies frequently last a year the matter needs resolving prior to June 2012.
Stakeholders from the property industry have issued a collective call for the matter to be addressed, with estimates suggesting more than 200,00 homes could be affected.
The ‘Know Your Flood Risk’ campaign co-hosted a debate with representatives from a wide range of organisations, including the ABI, RICS and the CML, attending the round table strategy session.
ABI Assistant Director and Head of Property James Dalton said that everyone wants flood insurance to be widely available and competitively priced and called on the Government to come up with a solution prior to the expiry of present arrangements.
Ever since the historic floods of 2007 the danger of flooding and insurance against it has been more prominent in the public consciousness.
In the last few months alone the ABI has reassured and offered advice to homeowners in Scotland and Northern Ireland, Wales and south-west England who have suffered flooding.
Category: Home Insurance News, Insurance News
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