Back in March, we published an article explaining the current insurance situation for flood risk properties. The original article can be read at Tide Will Soon Turn For Flood Risk Insurance.
At the time, a 10 year agreement between insurers and the government to provide flood insurance was set to expire in June 2013.
Following a meeting between the Association of British Insurers (ABI) and the Government on 16 May 2013, the agreement was extended by a month and will now expire on 31 July 2013.
The ABI say that discussions for a new scheme to insure flood risk properties are at an advanced stage.
These discussions will hopefully complete by 31 July. All parties involved are apparently working hard behind the scenes to ensure that affordable flood insurance will be provided for home owners in the future.
With the Environment Agency reporting that the number of properties at risk of flooding will only increase in the future, it is vital that a new agreement is reached soon.
If a new deal is not made insurers will be free to decide who they insure and at what price.
While the future for flood risk insurance remains uncertain, we will continue to monitor the situation and report any new information we are made aware of.