» Insurance companies still not clear on flood damage deal
After two years of negotiations with government
Article Published: 27th November 2012
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As insurers continue to negotiate with the government over how they will insure homes against flood damage in the future, they have let it be known that ideally, they want more public cash to be injected into a temporary ‘overdraft’. This overdraft would be used to pay out for claims that are lodged during any flooding crisis.
There are approximately 200,000 homes in danger of being left without cover and are at a high risk of flooding. A spokesman for the Association of British Insurers said that the negotiations had reached a crisis point saying “I should say first that our members are out there looking after people who have been affected by these tragic floods, and that means we want a solution even more now after the difficult events of the weekend”. It has become apparent that almost 1000 homes, located in the South West have been deluged by flooding during November and this is in addition to around 3,000 homes which were flooded during heavy rains during the summer.
Although negotiations have been going on for two years, a decision has yet to be made that will in some way come near to replacing a previous deal due to expire in 2013 where most homes which will never experience floods pay a ‘small sum’ on their insurance premiums to subsidise cover for high-risk homes.
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