We reached a major milestone in the progress of Flood Re last week when the Water Bill was granted Royal Assent. This means that the new agreement between Government and insurers for affordable flood insurance (which we’ve written about before) should be in operation in 2015.
However, there are reports in the press that there may be a ‘Flood Re II’ – specifically to overcome major objections to what is and isn’t covered by this latest agreement. In particular, there is significant opposition to the exclusion of Band H properties, small businesses and leaseholders.
According to a comment piece in Post magazine, “rumours are spreading that there could yet be room to accommodate other castaways on an insurance industry-funded life raft”.
It really has been a rollercoaster ride to get to this stage with Flood Re. But the last 12 months have shown the devastation which is increasingly being caused by floods in this country: our current work with clients in Moorland, Somerset, illustrates this. Let’s hope the industry can find a way to ensure as many people as possible can take out affordable flood insurance.