The rain clouds are parting for flood risk homeowners
It has recently been announced that the Association of British Insurers have agreed to extend their insurance cover for an extra month until the 31st July 2013. This has given the Government a little more breathing space whilst they are in talks with the insurance industry regarding a new agreement on flood insurance for the UK’s households.
Under the current agreement which was established over 10 years ago in the year 2000, flood insurance is available to homes that have been previously flooded and properties potentially under the threat of flooding as long as the Government continues to build and improve flood defences across the country. This agreement was set to expire on the 30th June 2013 which would have left almost 200,000 homeowners who own properties under the high risk category without flood insurance.
However, even with this extra month to negotiate, this doesn’t mean that the Government and insurance industry will come to a final decision. If a new agreement isn’t set up, it could lead to problems with homeowners mortgages as lenders require building insurance as a condition of advancing new loans which would also lead to difficulty in selling properties therefore, the housing market would struggle once more.
The Association of British Insurers have proposed a new strategy which would create affordable home insurance to all households with premiums set at an agreed amount. The Insurance industry paid £1.9 billion in flood claims last year and they claim that the current approach has become ‘unsustainable’ because it has distorted competition in the insurance market.
Do you own a home that is at risk of flooding and were you affected by the 2012 flooding that hit the UK? What would you like the agreement to be between the Government and the insurance industry?
Do you want to know if you live in a flood risk area or if a property you wish to purchase is at the risk of flooding? You can purchase a GroundSure Flood Report from Pali which includes a wide range of data that considers many types of flood risk in addition to an opinion on the likely availability of insurance based upon data utilised extensively by the Association of British Insurers. The GroundSure Flood report from Pali covers the Environment Agency tidal and river flooding, areas benefiting from flood defence, pluvial flood risk, likely availability of insurance for flood risk homes and British Geological Survey of groundwater flood risk.
Alternatively, you can order a GroundSure Homebuyers report from Pali which is the only combined residential environmental and flood risk search available on the market. GroundSure Homebuyers contains the same high quality information and expert information the GroundSure Flood report does with a new feature of Historic Flood Data provided by the Environment Agency which dates back to the 1840’s. This additional data is compulsory information for many insurers when assessing insurability. GroundSure Homebuyers contains the added benefit of historic information about contaminated Land under Park IIA of the Environmental Protection Act 1990.
If you’re interested in purchasing a GroundSure Flood report or a Groundsure Homebuyers report from Pali or would like more information, please call 0151 691 1170 or email email@example.com and we will be happy to assist you.
Amanda McGovern, Pali Ltd
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