Funding welcome but time ‘running out’ for flooding agreement

Recent events have demonstrated the national impact of flooding and it is expected that projects such as the Thames tunnel could benefit.

While flooding investment is welcomed, the BPF is urging the Government to lay out its plans after the expiry of the agreement which ensures widespread and affordable flood insurance.

However, moves to secure an agreement following the expiry of the Statement of Principles remains a key issue and without it, could leave an estimated 200,000 homes and business facing a massive hike in their insurance premiums, or not being able to secure insurance at all, over the remaining half of the year.

Bill Gloyn, Chairman of the BPF Insurance Committee and Partner, European Real Estate of insurance brokers Jardine Lloyd Thompson, said: “For the last four years; the BPF has been involved in trying to get a solution to the insurance problems that will emerge when the Statement of Principles comes to an end.

"The clock is ticking and time to get an acceptable solution, which may require legislation, is rapidly running out. And this is only for domestic property owners. There is little evidence that the interest of the commercial property sector has been taken into account – despite the importance of real estate to the economy of the country.”

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