Government and ABI agreement on flood insurance

Money News

www.moneynews.co.uk > General finance > Government and ABI agreement on flood insurance

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Government and ABI agreement on flood insurance

A long-term flood action plan has been agreed by the Department for Environment, Food and Rural Affairs (Defra) and the Association of British Insurers (ABI).

Both the government and the insurance industry will improve understanding of flood risk, while the government implements a long-term investment strategy for flood prevention and future policy and funding.

The planning system will also prevent inappropriate development in flood-risk areas and raise awareness about insurance and precautions in such places.

Low-income households will also have improved access to insurance.

Insurers are to continue to make flood insurance for homes and small businesses available in places where flood risk is no more than 1.3 per cent annually.

They will also offer flood insurance to those at significant risk, provided plans are in place to lower the risk to an acceptable level within five years.

Stephen Haddrill, ABI director general, said the agreement will help ensure that flood insurance "remains widely available".

The Fair Investment Company issued a home insurance reminder this week when the Environment Agency issued several flood warnings.

Spokesperson Rachael Stiles warned that "home and contents insurance is not something to be sacrificed" and failing to ensure one's home could be "disastrous".

ADNFCR-323-ID-18680310-ADNFCR

Related News : General finance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Insurance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet