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New Homes May Be Uninsurable
from:House buyers may find that their new home is uninsurable due to
poor planning reveal industry experts. The Association of
British Insurers (ABI) has warned that home insurance may
increase if the government plan to build millions of new homes
on floodplains goes ahead.
Justin Jacobs, assistant director of property at the ABI, said:
"The Government's ambitious housing plans are in jeopardy unless
we reduce the flood risk. In the last year, 13 major
developments have been given the go ahead despite Environment
Agency advice on the flood risk."
The Government tried to allay any fears. Iain Wright, Housing
Minister, said that the Government had introduced the strongest
planning rules ever to ensure councils properly managed the risk
of flooding.
"It is up to councils to decide whether to give planning
permission for new housing developments, but these rules mean
they must consult with the Environment Agency before allowing
new building in flood risk areas," added Mr Wright.
Mr Jacobs believes where a local authority plans to ignore flood
risk advice the Government should step in and review the
proposals and be compelled to publish their decision.
"Insurers want to continue to provide flood cover but poor
planning decisions will lead to more homes becoming unsaleable,
uninsurable and uninhabitable," added Mr Jacobs.
The ABI have promised to still maintain flood damage coverage
for those living in vulnerable homes where the risks are being
dealt with. They warn that flood cover may not be extended to
the 3 million homes the Government proposes to build on a
floodplain.
Floods in Gloucestershire and Yorkshire last year created damage
that cost £3 billion to fix. Halifax estimated roof damage to be
£4.5 billion and an additional £2.5 billion was needed to clean
up leaks from the roofs.
Due to the cost of flood damage homeowners are warned about the
cost of home insurance.
Richard Mason, director of insurance at moneysupermarket.com
said: "We will see a hefty hike in home insurance premiums in
the future because the average cost of settling a flooding home
insurance claim has risen to £70,000 to £200,000 which is
unsustainable for the insurance industry to bear in the long
term unless insurance premiums rise."
The average price of content insurance is £152 and buildings
insurance is £209.
Most people seeking home insurance do so to protect their
building and contents from theft, fire and floods. Less risk
means a lower premium.
Advice to those who want to avoid flooding includes laying
concrete floors with tiles on rather than timber, moving
electrical points above the flood line, replacing absorbent
kitchen surfaces with plastic ones and using a water-resistant
type of plastering.
Mr Mason said: "Home owners whose properties are at risk must
have good quality home insurance. Doing so ensures they will
continue to be covered regardless of what happens in the future.
"My advice is to have a policy with a well-known insurer such as
Norwich Union or Halifax."
He also advised checking the Environment Agency's flood map when
looking for a home.
About the author: Linsey Summers
Linsey is an author of several articles pertaining to Home Insurance. She is known for her expertise on the subject and on other Business and Finance
related articles.
NatWest House Insurance
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