Flood News: Insurance companies are branding new £23m flood defences in a Northumberland town “irrelevant,” an MP has claimed as they continue to charge residents huge premiums. New defences at Morpeth were completed this year on the back of major floods in 2008 and 2012, and have it is claimed massively reduced the risk of nearby properties being flooded. Yet despite the reduced risk, residents living near the River Wansbeck have not noticed a drop in the cost of their home insurance as they continue to be quoted massive premiums. MP for Morpeth Ian Lavery has now raised in parliament the case of one woman quoted between £3,000 and £4,800, with an excess of £7,500, and claimed insurance companies are telling residents the flood defences are “irrelevant.” Another homeowner was hit with a £10,000 excess charge …
No Comment