The agency is re-examining its flood map in
the wake of the disastrous flooding at the end of last year, with the
potential for more properties to fall within areas deemed at risk.
This could mean more homeowners battling to insure - and possibly battling to sell - their properties.
Redrawing the map to embrace more properties could also put pressure on the industry-funded scheme Flood Re, designed to help homeowners in high-risk areas obtain insurance.
The map, which shows the level of flood risk houses in different areas
should expect, is one of many factors insurers take into account when
insurers price cover. Government-backed scheme Flood Re will help some homeowners in high-risk areas to access affordable insurance. Insurers will be able to pass on the flood risk element of the policy to the programme, and premiums will be capped based on each property’s council tax band.
However, the scheme does not cover homes built after January 1, 2009 or commercial properties, or properties which are let.
The impact of the flooding on insurers has been great. Direct Line has said it expects to pay out up to £140m to claimaints after the flooding at the end of the year, £35m more than their annual prediction for weather-related claims.
Flood map expert Jill Boulton, a director at Yorkshire-based JBA Risk Management, said she expected the Environment Agency's maps to grow following the extensive flooding over Christmas.
“I’m anticipating that more properties will be included, because of global warming and the conditions that we’re seeing.
“It’s difficult to know what to prepare for. What happens when you get levels that are expected to happen every one in 100 or one in 200 years? What level of defence do you go for?
“I’m guessing that they’re going to review a lot of their data. What if what happened in Cumbria was to happen in the south east? Source
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