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MSE News: Insurance scheme for flood-prone homes under threat

edited 26 November 2012 at 7:50PM in Insurance & life assurance
5 replies 1.5K views
Former_MSE_HelenFormer_MSE_Helen Former MSE
2.4K Posts
edited 26 November 2012 at 7:50PM in Insurance & life assurance
"A plan to help 200,000 homes get affordable flood insurance is on the verge of collapse..."

Replies

  • vaiovaio Forumite
    12.3K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
    The link above talks about a £8-10 levy on the 200k at risk homes, apart from this sounding like nonsense it doesn't chime with the other reports I've seen which are talking about a £10-20 levy on ALL home insurance policies (10, maybe 15m policies?) which would be used to cross subsidise & to provide cover for the 200k at risk homes and on top of that they want the government to pick up the losses if it all goes pear shaped

    All sounds a bit rich coming from an industry which seems hell bent on increasingly narrow targeting of risk and a government seemingly in favour of letting the market decide.

    Once you take flooding out of the risk equation what's next? A levy on all policies to provide subsidised cover for punters who live in high crime areas? or drivers who make a habit of bumping into things?
  • deutschdeutsch Forumite
    395 Posts
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Forumite
    flood will be covered with a premium in £1000s and xs about the same!

    some people will find it unfair as it will just all be about the postcode!

    property prices will be effected. no one ones flood prone houses.
  • jobdone1jobdone1 Forumite
    836 Posts
    Tenth Anniversary 500 Posts Name Dropper Combo Breaker
    Forumite
    Insurance companies (if that's what you call them), Happy to take your money, Not so happy to pay out.
  • We had a £45,000 flood claim in July 2007. When our insurance was due for renewal our premium went from £400 to £2000+.

    We spoke to a company called A-Plan Insurance in Salisbury and they managed to insure us for £600, we have been with them ever since, seeing our price rise only to about £650 after 5 years.

    Worth a try if you are struggling to find a company who understands flooded or high risk flooding properties, worth a try, on 01722 820530.

    Good luck!!!!!!!!!
  • The nationalfloodforum.org.uk is a good resource fot those having trouble getting insurance.
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