Flood insurance levy ‘unfair’
SURVEYORS have attacked government proposals on flooding insurance as vague and unfair and say some properties could become blighted and unmortgageable.
Environment Secretary Caroline Spelman is in talks with the insurance industry to charge a 10 per cent levy on all home insurance premiums, with owners in non flood-risk areas subsidising those in danger. She says that the levy would help home owners affected by flood risk.
The Royal Institution of Chartered Surveyors is critical of the idea. Alan Cripps, RICS associate director, says it penalises home owners in low floodrisk areas, but forced others to pay extra to their insurance companies.