A flooding insurance deal will cap insurance costs for flood risk homes
If you live in a flood risk property, will you be able to get insurance under the new deal?
If you live in a house that’s at risk of flooding, you should be able to continue to get insurance for it. That’s because the insurance industry and government have reached an agreement that means most properties will continue to be offered buildings insurance with flood cover. But, the bad news is that this new agreement isn’t due to take effect until 2015 and not all properties are guaranteed to be offered insurance - including leasehold properties.
Homeserve has been fined £30 million by the financial regulator
Homeserve, which sells boiler breakdown and plumbing cover, has been fined £30 million by the FCA, the financial regulator
In January Homeserve told investors it was facing a fine of £34 million from the financial regulator, the Financial Conduct Authority (FCA). Today (13th February), the FCA has confirmed that it is fining Homeserve, which sells boiler and blocked or burst pipes cover, £30 million. The fine is the largest ever fine for a retail company (one that deals with customers direct) and is for mis-selling of policies from 2005 to 2011.
What are 'flood resilient' measures for your home?
If your home is at risk of flooding, is it worth installing measures to minimise the damage?
If your home is at risk of flooding, have you considered flood resilient measures? Have you even heard of them? If you haven’t, you’re not alone. Flood resilient measures aren’t designed to keep the water out, but they are designed to minimise the damage caused by flood water. They can be as simple as moving electrical sockets high up the walls, and can reduce mopping up and drying out time.