Esure cuts cover in flood-prone areas

Esure cuts cover in flood-prone areas

Wednesday, June 12, 2002

One of the leading Internet home insurance companies has added further woe to many homeowners who have been affected by flooding over the past two years, by announcing that it will no longer offer cover to those whose homes are in areas that are prone to flooding.

The company in question, Esure, is to implement the policy with immediate effect, something that it claims will ultimately save their existing customers around £30 on the cost of their premiums.

Esure's decision has broken the mould among UK insurers, most of whom have agreed not to make any decisions until the end of this year on whether to provide cover in flood risk areas.

Esure said only 10% of households face a significant risk of repeated flooding but providing cover for them puts up the cost of most household insurance premiums by 5-10%.

Chief executive Peter Graham said: "Esure is entirely sympathetic to homeowners who live in flood risk areas or on flood plains, but they have been let down badly by years of government failure to improve the UK's flood funding, planning and defences."

"We believe that the dry majority is now being unfairly penalised through their high home insurance premiums on account of the failure to address the problems facing houses built in flood risk areas."

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