News
Insurance of properties
21/02/2014
Our understanding is the latest flood risk assessment by the environment
agency is 1; 150 years ( one event every 150 years). The latest agreement
between DEFRA ( Gov) and ABI (association of British insurers ) was made last
June. The result was the present system would continue for 2 years. ( The Gov.
will pay a subsidy to Insurance Companies to continue to insure properties
subject to flooding.) After 2 years a scheme will be introduced whereby all
householders will pay a levy of £10-50 a years to subsidize those in a flood
risk area.
This will become law by virtue of the Water bill going through
parliament.