10:47 AM, 7th March 2012, About 10 years ago 1
Commercial landlords could find their properties are without insurance in a few months if the Government fails to provide the flood protection insurance companies expect.
The current agreement runs until July, and the Government’s cuts are hitting flood defences. As a result, premiums will increase and some properties are being quoted with insurance of £20,000 a year.
With insurers still unhappy, some landlords will have trouble finding any insurance at all as some cover could be withdrawn completely. This will have a negative effect on the values of the buildings, as well the threat of breaching mortgage contract.
Jonathan Hackett, Client Development Director at property insurance specialist Cadogan Keelan Westall explains: “Flood protection has to be a national priority for the Government as there are potentially thousands of commercial properties and businesses at risk.
“Property owners in flood-prone areas may find their properties very difficult to insure later this year and face the potential of very high premiums, significant reductions in value and less access to mortgage finance. What is more worrying is that property owners may also face the potential danger of action taken by the mortgage lender due to breach of the mortgage agreement. Unless the Government acts quickly to increase the investment in flood prevention, the long term prospects of properties at risk is very worrying.”
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleChancellor urged to boost tax relief for landlords
Next ArticleProperty118 Landlord Newsletter - Issue 101
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|