Archive

December 2017 (1)

February 2017 (1)

November 2015 (1)

July 2015 (1)

June 2015 (1)

April 2015 (1)

February 2015 (1)

October 2014 (1)

September 2014 (2)

August 2014 (1)

June 2014 (2)

April 2014 (1)

March 2014 (1)

February 2014 (1)

December 2013 (4)

August 2013 (4)

May 2013 (2)

April 2013 (3)

March 2013 (3)

February 2013 (2)

January 2013 (1)

December 2012 (4)

November 2012 (1)

October 2012 (2)

September 2012 (2)

August 2012 (1)

July 2012 (1)

June 2012 (1)

May 2012 (4)

April 2012 (3)

March 2012 (3)

February 2012 (4)

January 2012 (3)

December 2011 (2)

November 2011 (4)

October 2011 (2)

September 2011 (4)

August 2011 (4)

July 2011 (3)

June 2011 (7)

May 2011 (8)

April 2011 (4)

March 2011 (6)

February 2011 (7)

September 2010 (2)

July 2010 (1)

 

 

Flood - Homeowners facing zero flood cover threat

Homeowners face being unable to insure their properties as the annual cost of flood damage is set to reach the £1bn mark this year.

Research by property search firm SearchFlow, also claims the cost of individual major flooding events is also rising, according to the Independent.

Figures from the Environment Agency show a major coastal flooding event in the Humber estuary could cause damage worth £266m while, as sea levels rise, this could hit £1.4bn by 2040.

 The Environmental Agency predicts in the next 30 years sea levels will rise by approximately 40cm. Without improvement in flood defences, this would increase the number of properties at significant risk of flooding in Eastern England by 48%.

With the Association of British Insurers calculating that an increase in the cost of a single flooding event to £12bn would require 10% of the capacity of the global reinsurance market, concerns are rising about some homes becoming uninsurable.

On 30 June next year, the “Statement of Principles” agreed between the Government and the insurance industry over flooding, guaranteeing insurers’ offer a policy to those in flood-prone areas, runs out.

Richard Hinton, business development director of property search firm SearchFlow, said: “So great is the potential risk from rising sea levels and construction on the floodplain to accommodate a rising population, the UK’s flood liability could come to dominate the global reinsurance market. In practice, that would mean many in high risk areas would be unable to obtain insurance at all, which would significantly reduce the value of their properties and potentially could put homeowners in breach of their mortgage agreements.”

 

Richard Anthony Oakes, Sharon Linda Oakes & Ashley Burton trading as Oakes Insurance Consultants are
authorised and regulated by the Financial Services Authority. Number 307170

Registered office: Oakes House, Derby Road, Long Eaton, Nottingham NG10 1PD