Click the image to above to view the latest statement by DEFRA on the progress of the working groups

Insurance

Our Proposal for the Way Forward

Together with Morpeth Town Council and Morpeth and District Chamber of Trade, Morpeth Flood Action Group has produced a proposal for the future of flood insurance.

Statement of Principles

Contrary to the Statement of Principles insurance companies are refusing renewals, hiking up premiums and excesses, not passing on policies to new buyers and generally not being cooperative. Come 2013, unless the government does something about it, things will only get worse. Click the image on the right to view a copy of the last revision to the statement.

At the Northern Flood Group conference in May one of the speakers was David Crichton. He suggested that the EU Solvency II Directive, coming into force January 2013, might also have an effect on insurance premiums for properties at high risk of flooding. We are looking into this matter further, the ABI have told us it will not.

Insurance Our Survey

We conducted a survey to establish exactly what is going on with the insurance market in Morpeth, the most comprehensive survey of its type in the country. We delivered questionnaires to all the properties that were affected by the flood and a lot of adjoining ones. We needed this information to put a robust case to the government and insurance industry to make affordable insurance available to the whole community, not just those at low risk of flooding. The results can be viewed HERE.

For every completed survey form Rickards Estate Agents donated 20p to the Great North Air Ambulance.

Advice if you are having problems

Unfortunately we are not in a position to recommend any particular solution to problems. We are prepared to advise individuals on what other people who have had problems have done but we cannot guarantee that it would be the right one for you. The ABI suggest that specialist brokers should be able to find anyone a suitable policy, try www.biba.org.uk for more information.

It should be pointed out that certain brokers insist that you install flood resistant products (airbricks, floodgates, etc.) before they can find you insurance.

Is Flood Insurance underpriced?