Floods & the Future of Flood Insurance

As a start to the Dashwood Blog what better place to start than  the topical subject of flooding.

The recent deluge of rain has affected many areas of the country and one can only feel for those poor people who have been submerged, particularly in the South West and North Wales. For some this is the 2nd,3rd or 4th time that they have been flooded in quick succession. Having dealt with numerous flood repairs we fully understand the devastating impact this can have.

However, as well as the stress, inconvenience and cost of the clear up, people also now have to worry about the strong possibility that their insurance company may not continue to cover them for flood damage in the future.

A current agreement dating back to 2008 obliges insurers to provide flood cover for high risk properties, whilst the government continues to improve flood defences. This agreement expires in June 2013 and discussions have been ongoing for some months to extend it beyond this time. The ABI wants the government to share the financial risk for the homes most at risk, but their proposed solution, has to date, been turned down by Ministers leading some to claim the talks are at “Crisis Point”.

So where does this leave the homeowner/insured? It is estimated that this could leave around 200,000 homes without cover, which in turn will seriously affect mortgage offers and the saleability and value of a home. Clearly the ABI and the government need to resolve this asap otherwise 200,000 homeowners are going to be severely unhappy if left in limbo.

In the meantime those affected by the current floods will need the full support of their insurers and their appointed representatives to ensure drying, repairs and reinstatement’s are undertaken correctly. It essential that the correct approach is adopted and competent surveyors and builders are appointed to oversee repairs. If you require assistance we would be more than happy to help.

No doubt we shall blog further on flooding, its affects and the future as matters develop, it certainly will be interesting as to how the solution is reached.

Look out for our next blog coming soon.


DPM Ltd 3/12/2012


Comments Are Closed