Insurers to offer cover against flooding to all homes in Moray

The Association of British Insurers recently confirmed that any property soon to be protected by a flood alleviation scheme will now be covered by their members.

In a recent Statement of Principles on flood insurance, the industry’s governing body announced that it would provide cover for flooding as standard where local authorities have a flood alleviation scheme planned.

This will be welcome news for many residents in the flood-affected areas of Moray.

Many households and businesses found insurance against the risk of flooding difficult to acquire, too expensive, or simply impossible to buy following the damaging floods of 1997 and 2003.

But thanks to the advanced stage of planning for the Flood Alleviation Schemes in Elgin, Forres and Rothes, this facility will now be available as a matter of course.

The Association’s full statement is as follows:

‘Flood cover will continue to be offered as a standard feature of household and small business policies where properties are protected by flood defences to a standard of a one in 75 year probability. Premiums will reflect the degree of risk.

‘Insurers will continue to offer flood insurance to existing customers whose properties are currently at significant risk but where improvements in flood defences bringing them up to the one in 75 year probability standard will be completed within five years.’