Summer Floods

14th July 2008

T. Wyn Jones

One year on from the Summer Floods, which were the wettest since records began only now has the Insurance Industry received the undertaking they sought from Government which will allow them to continue insuring homes in designated flood areas.

Since the summer floods in June & July the insurance industry has paid out a staggering £3 billion in claims and arranged temporary accommodation for over 17,000 policyholders. Such was the extent of the loss, which coupled with the likelihood that the widespread flooding was not a “one off” the industry was considering not renewing insurance policies on affected properties.

However it was recently announced that the Government has struck a deal with the Association of British Insurers to undertake a long term flood prevention strategy and maintain flood defences in exchange for continued insurance cover against flooding for home owners.

I know for a fact that this news could not have come soon enough for many households, who can now hopefully sleep easier at night in the knowledge that their home and belongings can be covered.