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Newsletter

People in flood risk areas 'will be able to get home insurance'

By Marianne Straker, Fri 11 Jul 2008 - Published in Home Insurance

The Association of British Insurers (ABI) and the government have reached a decision which means people in flood risk areas will still be able to get home insurance and business insurance.

It has been agreed the government will implement a long-term investment strategy to reduce the risk of flooding.

In return ABI has said it will continue to ensure people have access to insurance where there is less than a one in 75 annual chance of a flood, as well as offering cover to existing domestic and small business customers at significant risk providing plans are in place to reduce that risk within five years.

Floods Minister, Phil Woolas, said: "Working together we have succeeded in ensuring that flood cover is available in both the short and long term."

Meanwhile, reports that one month's worth of rain fell in 24 hours this week should serve as a reminder of the importance of home insurance, according to Fairinvestment.co.uk.