Flood Re could provide affordable flood insurance in the United Kingdom

flood insurance

UK homeowners may be able to find inexpensive policies through new government program The United Kingdom’s new flood insurance program, called Flood Re, may be able to help homeowners in high-risk flood regions acquire the coverage they need affordably. The program is designed to ensure that homeowners have effective insurance protection against floods. Currently, many homeowners are paying massive insurance premiums for their flood coverage. The UK government intends to resolve this issue with the new insurance program, which aims to provide consumers with lower premiums. Floods can cause severe…

Read More

UK’s flood insurance program could face major risks in the future

residential flood insurance news

Rise in house building may increase the risks of flood damage for some households The demand for housing is growing rapidly in London and this could lead to a surge in flood risks throughout the city. This could place the United Kingdom’s flood insurance program, called Flood Re, under a great deal of pressure, according to researchers from the University of Oxford. Researchers believe that the number of households eligible for Flood Re coverage will grow as much as 75% in the coming years. Flood Re program will launch in…

Read More

Flood insurance program attracts criticism in the UK

UK Flood homeowners Insurance companies Flood Re Plan

Flood Re may be three times more expensive than the benefits it offers Flood insurance is becoming a costly issue for homeowners in the United Kingdom. Flood Re, an insurance initiatives designed by the UK government and the Association of British Insurers, may be a costly burden on homeowners that want to protect their properties. According to the Committee of Climate Change, Flood Re will cost three times more than the benefits that it will provide to consumers. This could mean that many homeowners will be uninterested in purchasing flood…

Read More

UK flood insurance could cost insurers at least £500 billion

UK Flood Insurance

This expense could rapidly double if the disastrous weather conditions keep up in the country. The latest data from a Deloitte LLP partner is showing that the storms and flooding that are pounding on the country – one after the next – could cost the home, auto, and UK flood insurance industry a minimum of £500 million. That is only considered to be a starting point as the cost could end up being much higher. This amount, which is about $822 million, could double, according to the partner, James Rakow,…

Read More

UK flood insurance leads to confrontation with Prime Minister

UK cyber Insurance industry News united kingdom

David Cameron was confronted by a woman who accused him of a “betrayal” regarding the delay in the coverage program. United Kingdom Prime Minister David Cameron visited Yalding, Kent, only to be confronted by a woman named Ericka Olivares, who accused him and the Government of betraying the flooding victims through the delays in the UK flood insurance program when he had promised that premiums would be kept down. Olivares urged Cameron to push a deal forward that would make this coverage affordable. She pressured him to bring a deal…

Read More