Concern over uninsured high-risk properties
Posted on 24th January 2012
High risk homes concern
The property information firm SearchFlow have issued further warning this week concerning the quarter of properties in the UK at risk of flooding.
With the government pact - ensuring cover for high-risk homes - ending in June 2013 it has been estimated that property worth £214bn could be left uninsured.
It has been stressed that without a deal homeowners would be expected to pay higher insurance premiums or not have insurance at all, which would put them in breach of their mortgage contract.
The campaign ‘Know your flood risk UK’ has taken note of industry reaction, such as certain UK insurers trying to rid themselves of high-risk properties. Public concern is being increasingly expressed.
One East Peckham resident states, “The people that suffer the most in floods are older people or vulnerable people, or people on low incomes, and they are going to be really hit by this”.