End to uncertainty on flood insurance
THE uncertain future for homes in flood risk areas over obtaining flood insurance may be coming to an end.
The position between the Government and the Association of British Insurers over the Statement of Principles has left many homeowners in a state of uncertainty, say Smiths Gore
The new agreement, Flood Re, will provide a fund to cover those properties in high risk area for the next 20 to 25 years. Thereafter, homeowners will be required to insure on a self-funding basis. The only exceptions will be homes in council tax band H and houses built since 2009. Flood Re is expected to commence in summer 2015 and in the interim, the existing Statement of Principles should apply.