Home Insurance -
Insurance blacklist bad news for homeowners - 05/03/2008
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The insurer’s blacklist of properties in the UK is set to double to one million as the government releases its maps of urban areas which have inadequate drainage.
At the moment, half a million British homeowners live in ‘high risk’ areas, as classified by the Environment Agency (EA). Living in such an area means people face up to a 30% hike in their home insurance premiums, with excesses of up to £30,000.
Head of flood risk management at the EA, Phil Rothwell, said: “We’re hoping to put in place new mapping systems very shortly to try to understand and define where pluvial flooding [where drains are unable to cope with flash floods] may be a problem.”
The new maps are being released after pressure from insurance companies, after insurers shelled out almost £3 billion in payments in 2007 after flooding. The government has been blamed for £150m shortfall in spending on flood defences.
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