Owners of flood-prone properties can still get insurance

News Category: Industry News

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Those people with property located in areas prone to flooding will still be able to obtain home insurance, it has been claimed.

According to Peter Staddon, head of technical services at the British Insurance Brokers' Association (Biba), insurance is still available for flood-prone houses, despite the fact that some insurers have indicated they will no longer offer this.

He said that "niche markets" have developed which were "capable of writing eight out of ten policies that have been rejected by the prime insurers".

Mr Staddon commented: "We have seen a number of insurers begin to break ranks and a number who have indicated that they wouldn't insure areas.

"However, niche markets have developed and one of our members said they look at risk management and they are [still] capable of writing business. They are capable of writing eight out of ten policies that have been rejected by the prime insurers.

"There will be other markets that will be available if you know how to access it."

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