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Agreement reached to ensure homes will get flood cover

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by Kay Mitchell
”Agreement

A deal has been reached between the Government and the Association of British Insurers (ABI) to ensure that homes will continue to receive flood cover.

Last month, the ABI warned the Government to take action against floods as its members will stop insuring people in high risk areas.

The ABI has been urging the Government to pump more funds into defences. The new agreement does, however, depend on the Government delivering improvements to flood defences due within 5 years.

In response, the government has promised a 25-year investment strategy in defences as well as guaranteeing that the planning system will stop inappropriate development in areas that are at risk of flood.

Environment Minister, Phil Woolas, said they are looking at coastal flooding as well as river flooding and surface water flooding to ensure that the increased investment that we have is sustained in the long term.

Commenting on the deal, Justin Jacobs of the ABI, said we will ensure that we will offer affordable insurance to consumers, provided the Government ensure that as many people as possible are protected.

According to the ABI, there are 517,000 homes at significant risk of being flooded. The floods last summer cost the ABI’s members £3 billion in claims.

Furthermore, nearly 5,000 homeowners are still living in temporary accommodation following last year‘s floods.

Nearly 50,000 properties were affected by the floods last June and July, with Gloucestershire, Worcestershire, Oxfordshire, Berkshire and South Wales worst hit.

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News posted: July 11, 2008

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