The Environment Agency (EA) has warned that spending on flood defences in the UK needs to double in order to safeguard the 490,000 homes which are most at risk from flooding.
Individuals living in properties which are most at risk could find it difficult to secure affordable
home insurance. However, increased government spending on flood defences could reassure homeowners that protection of their property is a priority.
The EA stated that government commitment must increase from £570 million per year at present to more than £1 billion, if the UK's high-risk properties are not to be put in danger.
According to figures from the EA, 5.4 million homes across the UK are currently at risk from flooding, which could highlight the importance of checking home insurance covers the cost of flood damage.
Furthermore, the estimated annual cost of flooding in the UK is predicted to rise from £2.5 billion a year at present, to £4 billion a year by 2035.
Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers Association, recently argued that continuing to pay home insurance premiums is the smart option for homeowners during the present economic downturn.
InsureandGo offers home insurance which can help cover the cost of replacing belongings damaged during a flood.
