Flooding in Wales has become a big issue in the past few years. The Water Bill is making its way through the House of Lords and is expected to be law soon. This reflects an agreement between Government and the Insurance Industry to provide insurance for properties at High Flood Risk with a restriction on premiums being charged.
Clause 27. This part provides a placeholder clause to address the availability and affordability of insurance for UK households at high risk of flooding. This clause will be revisited during the passage of the Bill with the intention of enabling the Government to meet its commitment to secure new arrangements following the expiry of the current voluntary agreement (the Statement of Principles) between the Government and the insurance industry.
Concern as been expressed by the Royal Institution of Chartered Surveyors regarding commercial property. A statement from the RICS reads:
‘We are concerned that the exclusion of certain commercial properties from the Flood Re proposal will leave parts of the sector unable to access affordable flood insurance.’
