Flood Insurance - A Call For House Builders To Contribute
In the aftermath of the recent flood damage to many parts of the UK, it is only now that we are starting to see the full extent of problems for the future. As the insurance industry continues to distance itself from future flood damage liabilities, by either raising premiums to unaffordable levels, or refusing premiums for “at risk†areas, house builders are now coming under the microscope.
There are concerns that while the house building sector continues to bring in millions of pounds in profits, many new properties have been built in areas which are more susceptible to flooding. There are now calls for the house builders to insure any flood risk for the first 20 years of a properties existence, but the house building sector is proving resilient. They claim that it is the local authorities who grant planning permission, and it is they who should also take part of the “blameâ€.
There has also been recent concerns that the UK government have been reducing funding of the UK’s flood defences, just at a time when the risk is at its highest. While you would expect the numerous parties involved to come to some kind of agreement between them, it seems that each is passing the buck to the other. The introduction of new laws to solve the issue would be a very drastic step, but with potentially thousands of homes at future risk of flood damage, the time has come for a long term solution.
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