David Johnson: Home Insurance Premiums Could Rise Due to the ...

According to the Association of British Insurers (ABI), UK home insurance premiums are to rise as climate change is increasing the risk of flooding. Even some areas of the country are becoming uninsurable, due to the dramatic increase of flood risk. Worcester campaigner Mary Donhau said that home insurance premiums for now is more than ?5000, and this amount could increase further.

It is found that one in four homes is prone to risk of flooding, taking into account all forms, including river flooding, sewage water, ground water flooding etc. It is estimated that the risk of flooding in Herefordshire alone is very high, putting 8000 homes at risk.

The Association of British Insurers said that the damage caused by the floods in 2007 resulted to a cost of ?3 billion by the insurance industry. The Environmental Agency has completed 158 schemes since 2007, and it has increased protection to more than 128,000 properties.

It is quite seen that every year, the Environment Agency would need an additional ?20 million to invest in flood defenses. If the properties were granted planning approval against Environment Agency advice, then the insurance industry may not insure new developments in flood plain areas. A recent report from National Audit Office says that, there must be 10% cut in government funding and it should be given to flood defenses.

People in UK urging government to consider a more sustainable long-term solution for their homes and families that not only implies reducing risk of flood, but importantly need to safeguard affordable flood insurance for all UK citizens.

Source: http://todvdjohnson.blogspot.com/2012/03/home-insurance-risk-flooding.html

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