UK Money News
11th July 2008
ABI agrees to insure high-flood risk homes
Home insurance providers and the government have agreed to a deal to allow homeowners in high flood risk areas to be secure cover.
The deal will see UK insurers offer cover for high-risk homes in the event that the government steps up its programme to improve flood defences over the next five years.
Previously, in the wake of last summer's deluges, the Association of British Insurers (ABI) had said it may stop providing home insurance to those deemed most at risk of flooding.
Justin Jacobs of the ABI told BBC Online: "What we've agreed with the government is that if they can make sure as many people as possible are protected, we'll be able to make sure we can offer affordable insurance to all our customers who want it.
"The pressure remains on the government because they must deliver those defences to people in order make sure we can offer affordable insurance."
According to the ABI over 500,000 UK homes are at a significant risk of flooding.
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