End to un­cer­tainty on flood in­sur­ance

Yorkshire Post - Property - - PROPERTY -

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.

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