MP Welcomes Flood Insurance Breakthrough But Calls For Faster Mapping Of Risk Areas

Graham Stuart, Member of Parliament for Beverley and Holderness has welcomed Government plans to add clauses to the Water Bill which will ultimately provide powers to establish “Flood Re” – an agreement in principle between UK insurers and the Government to develop a not-for-profit flood fund.

Graham said, “The previous Government left no solution to the challenge of ensuring affordable insurance is available to homes and businesses in areas of high risk of flooding, leaving this Government to resolve the problem with no agreement and no money to pay for it.

“The proposed “Flood Re” scheme will limit the amount that high-risk households should have to pay for the flood component of their home insurance. I welcome progress of this bill as a major step towards making this a reality.”

Speaking during the debate on the Water Bill in Parliament last Monday Graham urged the Government to act faster in instances when remapping of flood-risk is necessary.

During the debate Graham said, “Following the completion of the £3 million flood defence scheme in the village of Burstwick, it took more than a year for maps to be updated, and during that time residents were still being asked for higher insurance premiums because the insurance companies did not have access to the information they needed.”

Graham has expressed disappointment at the Government’s decision to exclude small businesses from the protection of Flood Re, saying “I understand the need to make the new Flood Re scheme affordable and manageable in scope but the exclusion of small businesses could be disastrous for some companies in East Yorkshire. Along with colleagues I will be making representations to Government and urging them to think again.”