Flood Re, the Government Flood insurance scheme aimed to help flood-prone home owners obtain affordable cover, appears to be pushing some people’s premiums up.
This is thought to be because the scheme – which was several years in development and launched at the beginning of this month – has resulted in more detailed studies of flood risk across the wider population of policyholders.
Where premiums are lower than the level at which Flood Re would become worthwhile, but where there is an even modest risk of flooding, insurers appear to be increasing premiums or declining to quote.
When John Pearson, 82, whose home is near the river Wye in Redbrook, Gloucestershire, went to renew his home insurance policy this year, he was surprised to find that his premium had gone up by over £100.
Thinking that switching might help, he rang around a series of other companies. But all of them quoted him similar or even higher amounts – and some refused to insure him at all.
The “Love Hoddesdon” business improvement district are having a business awards for 2019 and I’d be very grateful if you would be …
9 Dec 2019
Independent insurance broker, Ashbourne Insurance of Hoddesdon, is rapidly approaching its fourth decade in business and this month has recruited Jack Smits …
11 Nov 2019
Research reveals older properties have the biggest range of premiums. Data from Avantia reveals the property types that insurers find hardest to …
7 Nov 2019