An agreement coming to an end between the government and the insurance industry could mean many low-lying houses that are susceptible to flooding could be left uninsurable, according to home insurance provider Swinton.
The agreement has required home insurance companies to insure all homes, regardless of the flood risk, as long as the government continues to invest in flood defences.
When this comes to an end in 2013, many homeowners could face potentially devastating losses to their homes and contents if they are unable to secure insurance.
"It is essential that all those involved in the agreement reach a solution sooner rather than later," Steve Shelton, the claim manager at Swinton has said.
"Up to 200,000 of homes could be left without any home insurance cover if a new deal isn't struck between insurers and the government."
Despite this, there is some good news. The government has announced its intentions to begin work on 60 flood and coastal defence schemes.
With the weather being as unpredictable as ever as macro-level changes occur to the environment, it is more important than ever that homeowners have sufficient protection from the impacts of Mother Nature. |
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