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…
If you are registered and logged in to the site, click on the link below to read the rest of the Mills & Reeve briefing. If not, please register or sign in with your details below.
News from Mills & Reeve
News from The Lawyer
Briefings from Mills & Reeve
There is a widespread belief in the concept of ‘common law marriage’, which couples think will protect them when they buy property together. This is incorrect.
Mills & Reeve offers top tips for those looking to move or get their foot on the housing ladder.
Analysis from The Lawyer
The trend for unbundling legal work is advancing through the law firm ranks but there is still resistance in some quarters - namely in-house. We asked why