UK to scrap flood insurance policy for new flood-prone areas
Flood insurance has been axed for a range of flood-risk areas across the UK, with insurers claiming the new rules will lead to higher premiums.
Flood insurance for the new years is available from insurers, but it only covers flood-damaged properties and not structures.
Flood-prone properties can be assessed using a flood map, which shows areas of high risk of flooding and the risk of damage.
The new rules are due to come into force from January 1, 2020, meaning the flood insurance market could soon see a big spike in premiums.
Insurance company Exchequer said the decision was “extremely disappointing” and added that there is “no doubt” that the rules will increase premiums, particularly for properties in high-risk flood zones.
Flood maps Excheport said its maps show the area with the highest probability of flood damage, which are used in insurance applications.
“The risk of severe flood events is rising due to climate change, which means that the risk and availability of flood insurance is increasing,” the company said in a statement.
“As a result, many businesses and individuals are struggling to keep up with the increasing flood risk.”
We know that this will have a significant impact on the affordability of flood protection, with more businesses and homeowners in flood-affected areas having difficulty securing flood insurance for their properties.
“It added that some insurance companies have stopped using the flood maps, while others have reduced their coverage or reduced the amount of insurance premiums that they offer.
Excheport also said that while the policy does cover flood damage up to the level of the damaged house, it does not cover property damage that exceeds the damage caused by a storm surge.
A flood map from Excheporter, which is used to assess flood risk, shows properties with high probability of flooding in the new year. “
We are aware that some insurers have stopped issuing flood insurance in certain cases, in which case the cost of flood coverage may increase,” the statement added.
A flood map from Excheporter, which is used to assess flood risk, shows properties with high probability of flooding in the new year.
It says properties with a high probability can be seen on the map.
Flood map shows the areas with the most flooding, which can be used to calculate premiums.
It shows the risk from a storm rising from sea level to sea level.
The map also shows where properties have flood damage exceeding the damage done by a flood.
Floodmap shows the area of high flood risk in England, Scotland and Wales.
Excheperer says it has reduced its flood map coverage and reduced its premiums in the areas affected by the flood.
In a statement, Exchepters director of communications, Sarah Green, said: “Excheporters policy is now no longer valid for the areas it covers.
The new flood map covers properties in flood risk and does not contain flood damage above the level that caused the flood.”
Exchepo’s policy for 2017 is expected to increase the premium of flood liability.
The firm’s chief executive, Ian McNeilly, said the flood map was “just not accurate”.
“It is really important for us that the policy cover the property and not the water.
If we are going to cover a house, we need to cover the house,” he said.
“There is a lot of land that is really under water, so we are really worried about the property at the moment.”
“The risk is very, very low” in the flood-hit areas of the UK.
Excleporter said it is “highly unlikely” that a flood insurance increase would cause an increase in premiums, although the policy might “cause some people to consider their policy more seriously”.
The firm also warned that the new flood maps will also cause some homeowners to be “worried about the loss of their homes”.
A spokesperson for the Insurance and Estate Agents Association of England and Wales said that it had seen no evidence that the flood risk was higher in floodplains than in other areas.
“Our flood maps show properties with the greatest risk in flood plains and there is no evidence to suggest the increase in flood insurance premiums would affect property values in these areas,” the organisation’s head of research, Tom Williams, said.
“This is particularly worrying given that the cost and benefit of flood risk is well established and is well-established in the insurance market.”
The Insurance Regulatory Authority of Ireland said that in its flood maps it showed that property damage “above the level which caused the flooding” was not a risk.
“We have not yet seen the flood damage maps for the area in question, but we have seen the risk map,” it said.