Latest Insurance News
Property insurance key when dealing with flood risk
24 Jan 2012
Landlords and property owners have been advised to make sure that their property insurance affairs are in order after a recent prediction that many buildings will be left at risk from flood damage.
Latest estimates from property information firm SearchFlow have suggested that as much as £214 billion worth of property could be left uninsured. The company has warned that owners need to ensure their commercial property insurance quotes are wide-ranging and adequate.
The group also suggests that uninsured properties could well leave owners in breach of their mortgage contract and also make properties harder to sell or remortgage while also reducing their overall value.
Richard Hinton, business development director at SearchFlow, said: "Although buyers will be able to obtain flood insurance for the next few months, the long-term prospects of properties at risk of flooding are potentially bleak."
The government's statement of principles recently insisted that the insurance industry continues to insure properties at risk of flooding until June 30th, 2013.
Posted by Judith Stevenson
