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Insurance Refused

Added – 10/11/2007

The disasters and heartbreak of the 2007 floods are likely to continue as the second wave of bad news could be delivered from the insurance companies themselves as many people could find renewals of insurance refused. This comes amidst the disgust voiced by the insurance industry to the Governments announcement to spend far less than expected on flood defences.

Many families and businesses affected by the summer floods of 2007 are still trying to put the pieces of their lives together again and the news that future cover may be limited or withdrawn will be devastating news. To have insurance refused before you have even had chance to recover from the last disaster will come as a double whammy for many who will already be questioning their future in that accommodation. The problem goes further than this in respect of their ability to sell their properties for the true market value.

With the flooding already posing a threat to the properties history and then the prospect of the insurance refused scenario the value of the said property is likely to fall dramatically.

The Association of British Insurers have made their collective thoughts clear, they are very angry at the Governments comments to provide inadequate financial support to flood support, it is not their direct intention to see insurance refused but they simply have to look at the risk involved and if the Government are not prepared to help in that quest there will be little the insurers can do but refuse cover. The fight continues......

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