Insurance companies should offer financial incentives to those prepared for flooding, and rebuild flood-hit homes to more resilient standards, according to the chairman of the Environment Agency.
Lord Chris Smith wants lower premiums and excesses for policyholders who have taken steps to prepare for flooding, such as registering for free flooding warnings and flood-proofing homes and businesses.
‘In the 18th century, the London insurance industry was able to take the lead in providing incentives for people to reduce their fire risk, by introducing the first building fire codes in the form of fire marks,’ Lord Smith said. ‘Actions to reduce risk will provide benefit to people and the industry itself.’
He added: ‘Insurers should also rebuild flood-hit properties to more resilient standards, “rather than simply returning them to their previous state, only to be flooded again.’
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