Government and Insurers’ Deal Still Unresolved – Increased Premiums Now ‘High Risk’
Statisticians predict future flood insurance premium levels
The crucial deal between insurers and the Government has yet to be renewed, potentially resulting in more than half a million homeowners and business owners seeing their buildings insurance bills soar by hundreds of pounds.
Currently the number of people paying £500 for their flood insurance premiums stands at 75,000 – but if a new deal is not reached, figures produced by insurance industry statisticians and announced today, predict the number will rise to 650,000. The number of households paying £1,000 will rise to 135,000 from 21,000, and 4,000 households will end up paying over £2,500.