Estimates are that 200,000 to 500,000 homeowners defined at ‘Significant’ flood risk may be unable to obtain insurance post 30 June 2013. That is unless a new model is implemented, something which the Government, Insurance Companies and the ABI (Assoc. British Insurers) have yet-to-do. Recent changes to the rules also mean that many farmers to will face the same challenges in trying to get insurance too.
Hugh Fell (MD of Water-Value, FRICS) and Phillip (CEO Wilbourne Associates, FRICS) raised the saliency of insurance for properties at flood risk at this year’s RICS Rural Conference. Flooding will affect business, tenants and a multiplicity of surveyors undertaking valuation. If a property is uninsurable it is unmortgageable which will reduce its value.
Read what our MD had to say here
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