Flood insurance — properties all at sea

With the Environment Agency estimating that approximately 5.2 million properties are at risk from flooding, the continuing need for affordable flood insurance is beyond debate. Insurers have resisted funding the contingency for high-risk properties, which has resulted in governmental persuasion through a series of pooling agreements with the ABI.

This is especially relevant in a precarious property market where a lack of flood insurance will mean no mortgage offer. The latest proposed reinsurance pooling agreement with the ABI (Flood Re) will only cover some residential properties from July 2015. 

The hope is that insurers will, independently of Flood Re, decide to underwrite the flood risk for commercial properties, higher-value residential properties and properties built post-2009…

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