Group’s call over flood insurance announcement

Brought to you by the Morpeth Herald.
Brought to you by the Morpeth Herald.

The Morpeth Flood Action Group (MFAG) is urging insurance companies to pass on the reductions in reinsurance premiums announced by a national organisation to householders.

And residents in the areas covered by Flood Re – an independent body that is privately owned and operated, but is publicly accountable – are being asked by the group to make sure they shop around to get the best deal.

The announcement is that from January 1, reinsurance premiums charged by Flood Re to insurers will be reduced by 12.5 per cent for buildings and 33 per cent for contents.

A Flood Re spokesman said that while the end-price is decided by individual insurers, the fact that seven major insurers were consulted before the announcement means it is anticipated that this lower charge will result in reduced prices for customers.

MFAG was involved in the talks that took place before the independent body was established in April 2016 with a remit to make insurance more affordable for people in higher flood risk areas.

Chairman Alan Bell said: “In Morpeth we’ve found that since April 2016, some insurers have reduced their premiums, but others haven’t.

“We call on all insurance companies to pass on the lower charges from Flood Re to customers, but affected residents in Morpeth should not assume that this will happen.

“The Flood Re support system is very much online, so ask a friend or family member to help if required.”

Householders can call Mr Bell on 07905 564252 or email enquiries@morpethfloodaction.org.uk for more details.