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Flood insurance agreement 'needs to be sorted'
Published Date: 19/07/2012 09:30:25
The insurance industry and government need to come to an agreement on the future of flood cover.
Next year will see the end of the Statement of Principles - which is the current policy on the measure - and after this householders at risk of flooding could face massive increases in the cost of their premiums.
A report from the Local Government Association (LGA) has urged the two parties to thrash out a compromise sooner rather than later.
Simon Douglas, director of AA Insurance, echoed the sentiment of the LGA, adding: "The [delays] are alarming for ordinary families wondering whether they will be able to insure their home [and] with all the implications that has for the value of their property."
Some 330,000 properties have been identified as being in high-risk flood zones and insurance could become unaffordable - some people could face excesses of £10,000 - if the current agreement is not renewed.