Previously flooded households wouldn't have been able to renew their home insurance without facing extortionate rates.
from The Guardian
"Hundreds of thousands of flood-hit homeowners will still be able to buy insurance after a deal was reached between the government and the insurance industry.
"The agreement will cap flood insurance premiums, linking them to council tax bands so people will know the maximum they will have to pay. It is expected to protect up to 500,000 households, but they will have to wait until 2015 before the agreement comes into force. Minister Richard Benyon said: "there is still a lot of detail to work out."
"Under the terms of the scheme, known as Flood Re, all UK household insurers will have to pay into £10.50 each to a fund that can be used to pay claims for people in high-risk homes. But the insurance industry said this already happened informally now, so general premiums should not rise. The scheme will operate for 20-25 years, after which homeowners will be expected to protect themselves. …"
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