Property in the uk

Torrential rain should focus minds on the risk that hundreds of thousands of homes could become uninsurable and thus unmortgageable – causing house prices to plunge – in less than one year’s time, housing and insurance experts claim.

Even homes in locations that flood frequently can currently obtain buildings and contents cover as a result of an agreement which is set to expire in June next year where insurers promise not to exclude or ‘redline’ at risk areas in return for the Government spending more on flood defences. But the Government has cut expenditure on defences and insurance companies have been hit by soaring claims. Now some of Britain’s biggest insurers are considering restricting cover in areas where the risk of flooding is greatest.

Simon Douglas, director of AA Insurance said: “There are 200,000 UK homes at serious flood risk, and 2.4m  homes at some risk of flooding from rivers or the sea. The majority of them have been able to insure their homes thanks to the agreement, but that ends on 30 June next year.

Read more:  http://blogs.telegraph.co.uk/finance/ianmcowie/100020314/house-prices-could-plunge-if-200000-serious-flood-risk-properties-become-uninsurable/

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