Weather: Fears Over 'At Risk' Flood Insurance

Homeowners in flood-prone areas are at risk of losing insurance cover unless the Government steps in to help the industry, according to reports.

The Times has reported that talks between ministers and insurance bosses over funding aid, which have progressed for months, are on "the brink of collapse".

An industry source said insurers had hoped to create a system where flood-risk policyholders would pay an average additional premium levy of £9 towards a pooled fund for payouts.

Meanwhile, the Environment Agency (EA) has told Sky News it has no immediate plans to redraw its map for households and business at risk of flooding across Britain, seeing it as a longer-term issue.

The decision comes as heavy rain deluged wide parts of the South West, before moving into areas of North Wales and the North East.

Widespread floods in 2007 hit parts of Britain

Nearly 250 flood warnings and 300 flood alerts have been put in place, after a weekend of almost non-stop rain left at least 800 homes swamped with water.

The Association of British Insurers (ABI) told Sky News that it is far too early to put a price on the latest devastating floods.

"The floods in 2007 cost the industry £3bn in claims and the 2009 Cumbria flooding cost £175m," an ABI spokesman said.

"Floods are becoming more common and more expensive - last summer's flooding caused another £400m damage."

The EA has previously said that the risk of flooding is likely to increase in Britain because of climate change.

Local authorities currently use the EA's Development and Flood Risk Practice Guide for planning purposes.

It was last published in December 2009 by the Department for Communities and Local Government to aid in planning decisions.

Meanwhile, the British Property Federation (BPF) has joined the criticism over the the Government's reported rejection of overhaul proposals for long-term flood insurance.

Flooding in Cumbria recently cost £175m in claims

BPF chief executive Liz Peace said: "As the sad current events highlight, wide scale flooding has significant implications for property owners.

"The Government needs to act quickly on its word to provide greater assurances over flood protection for developers to ensure that homes and regeneration sites are insurable and protected.

"We believe the ABI's proposal could have provided the desperately needed long term solution, instead the clock is ticking before the Statement of Principles expires next year."

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