In response to the Environment Agency’s decision to issue 158 flood alerts, Richard Hinton, Business Development Director at SearchFlow has commented:
“The growing threat of flooding around England and Wales is a reminder of the growing insurance risk the UK faces. Our research shows £214bn worth of property is at risk from flood in this country, much of which could become uninsurable as early as this summer. The government’s agreement with the ABI (Association of British insurers) which ensures universal flood cover is set to expire in June next year, meaning annual renewals for cover beyond that date may become unobtainable in only a few weeks’ time.
The problem is that years of underinvestment in flood defences means insurers cannot guarantee the open market can maintain universal flood cover. Those who cannot insure their properties face breaching their mortgage agreements and rapid falls in value of their properties.
Anyone today who is buying a house should make certain their conveyancer undertakes the necessary flood checks to protect their interests”.
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