Govt ensures future flood insurance
A flood insurance agreement between the government and the Association of British Insurers (ABI) is good news for consumers and homeowners, according to the Council of Mortgage Lenders (CML).
The agreement, announced today (July 11th), ensures that flood insurance will remain widely available in the UK - even to low income properties and houses that are particularly vulnerable to flooding.
The government and the ABI will take steps to improve the understanding of flood risk, placing a long term strategic prevention plan that will assess future policy options and funding needs.
CML head of policy, Jackie Bennett, welcomed the news.
She said: "Insurance is an essential requirement for a lender to grant a mortgage.
"The agreement reassures both homeowners and mortgage lenders which is important in the current environment."
It was also announced today that a bronze statue of the sun is to be unveiled in memory of a teenager who died in flood waters in South Yorkshire last year.
UK Property News posted on 11/07/2008 15:23:05
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