Home and Contents Insurance. Global warming threatens home owners.
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If global warming continues, by the year 2030, the 1.5 million homes already at risk, could mushroom to 3.5 million.
The Royal Institution of Chartered Surveyors warns that if you can't get insurance for your house, it's value will fall as mortgage lenders will not lend on homes deemed uninsurable.
According to a survey, 6.5 million homes are already at risk from flooding, 1.5 million of which are in 'high' risk areas.
Meanwhile, the government has completed flood defenses in many such areas and ( insurance ) protection for a further 80, 000 homes is due this year. However, concerns have now been expressed about a further 120, 000 new homes in the 'high risk' zone of the Thames Gateway.
In 2003, the Association of British Insurers (ABI) agreed principles which committed UK ( mortgages ) insurers to offering home and contents insurance for properties in areas which are assessed to be at a flooding risk once in every 75 years or more.
However, the principles were that the flood defenses had to be already in place or were to be completed by 2007.
The Department for Environment, Food and Rural Affairs (DEFRA) has the responsibility of ( cheap loans ) developing and maintaining these flood defenses. But, due to insufficient progress on the defenses the insurance industry has raised widespread concern and warned the government of a withdrawal on the commitment if progress should remain slow.
In the meantime, those with homes in areas threatened by floodwater ( unsecured loans ) could find their insurance premiums soaring. Whilst the insurance industry agreed to provide insurance cover, their commitment was simply to maintain premiums at a 'reasonable' level.