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Insurance hope for residents in flood-hit areas

HOUSEHOLDERS in flood-hit areas who install property flood resilience measures – such as flood barriers, air brick covers and flood resistant coatings on walls – could soon be able to obtain discounted insurance premiums, under proposals being consulted on by the Government.

Under the new plans, insured households that experience flooding would not only claim money to cover the damage caused, but could also receive additional funds to build back better and make their homes more resilient.

The Government has also published a ‘Call for Evidence’ to look at changes to the flood funding formula to benefit frequently flooded communities, and ways to increase the uptake of property flood resilience measures so that homes and businesses are better protected.

In total there have been at least 23,000 publicly funded installations of property flood resilience measures since 2009. However, the Government is seeking ways to increase uptake across the country, alongside providing record funding for new flood and coastal defences.

Additional measures being considered also reducing the cheapest subsidised premium for contents insurance provided for by Flood Re (£52), as evidence from Amanda Blanc’s Independent Review of Insurance, commissioned by the government, suggest these could still be too high for households on low incomes.

The Call for Evidence will explore how we can strengthen our flood and coastal defence investment programme through better assessment of local circumstances, including how potential changes to the funding formula could provide further benefit to frequently flooded communities.

It will also looks at further ways to increase the uptake of property flood resilience measures to enable householders and businesses to better prepare for flooding.

The documents being published today are the latest example of the progress being made by the Government on a wide range of flood risk management measures set out in the flood and coastal erosion risk management policy statement, published in July 2020.

The plan is the most comprehensive in a decade and includes investment of £5.2 billion to create around 2,000 new flood and coastal defences to better protect 336,000 properties in England by 2027.

 

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