Insurance in areas of flood risk
The government is seeking powers to address the future availability and affordability of flood insurance through the Water Bill.
This consultation is seeking views on the government’s preferred approach to address the future availability and affordability of flood insurance.
The government’s preference is to work with the insurance industry to secure the affordability and availability of flood insurance. We have reached an initial agreement on a way forward which would enable people living in the most flood-prone areas to get affordable flood insurance. This would replace the current voluntary agreement (the Statement of Principles).
Government will also seek powers in reserve to regulate for affordable cover. Having a fallback means customers can have confidence in this issue being addressed one way or another.
We are seeking powers in the Water Bill to implement these proposals.
We would welcome views on the government’s proposed approach in order to help develop the final proposals to be put to Parliament later this year.