MP calls for update on flood insurance decision which could see premiums rocket,,,

By -

Ministers today faced fresh pressure to secure protection from homeowners facing an insurance crisis which could see premiums rocket, or home rendered unsellable in two months time.

Labour MP Diana Johnson, Kingston upon Hull North, said her constituents had no idea if they would be able to insure their home after the deadline.

An agreement with the Association of British Insurers (ABI) which expires in July – without it property owners may find it difficult or impossible to secure insurance.

Floods: The city centre in of York when it flooded last year, a delay to the decision could mean that thousands of households will not be able to get insurance.

Insurers have committed to provide cover in exchange for efforts by the Government to invest in flood defences but this agreement expires in July.

Speaking in the commons today, Diane Johnson said: ‘There was nothing in the Budget and there has been nothing in the Queen's Speech about flood insurance.

  More... JAMES CONEY: Payment protection insurance vultures to target interest-only mortgages Motorists can look forward to lower car insurance premiums, says Direct Line boss Fix your bills: how to cut your everyday costs and keep saving money all year round Are you struggling to find a good home insurance deal? Compare prices here

‘We are in the final weeks of the statement of principles. My constituents are getting very worried about getting flood insurance come July.

Urgent: Labour MP Diana Johnson, Kingston upon Hull North, said her constituents had no idea if they would be able to insure their home after the deadline.

‘Can we have a statement from the Secretary of State at the Department for Environment, Food and Rural Affairs (Owen Paterson) about exactly what is happening and why it is such a shambles getting a coherent policy from July?’

Answering at business questions, Commons leader Andrew Lansley said: ‘You will know... we are in negotiations with the ABI. What you should have noted in the Queen's Speech yesterday was the intention to bring forward legislation relating to the water industry.

‘We are very clear we will take the legislative provisions necessary in this session to support not only the reform of the water industry, giving greater resilience to it, promoting greater competition, and proving the framework for flood insurance in the future.'

Labour estimates that 200,000 homeowners could face difficulties getting insurance once the current deals ends.

The party is urging the Government to provide certainty for at-risk households and businesses, ending its 'brinkmanship' in negotiations with the insurance industry. A new deal would provide a pot of money raised from insurance premiums for paying claims in the event of serious flooding events.


Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

By -
Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various ...
Read more

Edinburgh Napier University Admission Process

By -
International recognition and past situation records of Edinburgh Napier University has made it the dream organization for each yearning understudy. Here is all that you will require to be aware of Edinburgh Napier University, UK's application cycle and cutoff times, assuming you wish to study on here. How to Apply for Admission at Edinburgh Napier University, UK? The official website (www.napier.ac.uk) and the college's international leaflet (International aide) delineates the section necessity for students. Here are the passage prerequisites and application process for Indian students: Undergraduate Entry Students will be qualified to apply, assuming they have finished their Higher Secondary Certificate (HSC) with in general 60+% in Intermediate (10+2) (XII Standard) test. Students are expected to have accomplished 70% or above in English Language in their XII aswell as XI guidelines. Postgraduate Entry Students will be eligible to apply, if they have gained one of t...
Read more

Interest rate cap on credit union is raised

By -
Image
Credit unions will go head-to-head with payday lenders after the Government announced it would raise the cap on interest charges so that unions do not make losses on short-term loans. The Treasury yesterday confirmed it will introduce legislation that from April 2014 would raise the interest rate ceiling on credit union loans from two per cent to three per cent a month following a consultation with lenders. Three per cent a month works out at APR of 42.6 per cent. Currently, restrictions on interest rates mean that while unions can make decent returns on long-term loans, loans of a similar length to those offered by payday lenders tend to operate at a loss. Helping hand: Short-term credit union loans will be more expensive, but more sustainable for unions and still well cheaper than payday loans. Raising the interest cap on the reducing balance of loans will make short-term loans from credit unions more expensive, but at a maximum APR of around 42.6 per cent they will still be si...
Read more