A stalemate between the Government and the Association of British Insurers could be brought to an end with help from a Cornish company.
The lack of a solution to providing cover to 200,000 UK home-owners has left them at risk of being priced out of future insurance schemes. MP for Camborne and Redruth, George Eustice, has invited Pool-based Richfords Fire & Flood to submit its ideas to a parliamentary select committee.
The panel of politicians is trying to make sure the safety-net allowing people in flood-prone areas to get cover, continues after a legal agreement called ‘The Statement of Principles’ goes out of date at the end of June.
Richfords owner, Steven Richford, said: “Many of our customers, who we have helped recover from flooding, are becoming increasingly concerned that their homes could become worthless and unsalable if the Statement of Principles lapses. Without insurance on the building, most people will be unable to mortgage their property, adding to the housing shortage.”
Eustice added: “It is great to see such a leading player in field of fire and flood recovery operations based here in Camborne and I was really impressed by the great work that Richfords do during my recent visit to meet some of their team.
“Making sure that homes at risk of flooding are able to get affordable access to home insurance is a major challenge and the environment committee of which I am a member has launched an inquiry into the issue. Richfords have some interesting proposals which I look forward to discussing as part of that inquiry.”