Leaseholders at risk of unaffordable flood insurance

According to the property industry thousands of leasehold properties face being left without affordable insurance due to the fact that they will be excluded from a new national flood subsidy scheme. The British Property Federation and the Leasehold Knowledge Partnership estimate that 70,000 leasehold properties are at high risk of flooding. The Federation's director of policy, Ian Fletcher, accused the insurance industry of making "misleading" claims about leasehold properties' inclusion in the Flood Re scheme. Meanwhile, the Telegraph reports that wealthy homeowners have been warned that they will not be covered by the new flood insurance scheme for high-risk properties even though they will have to pay a levy for it. Under the proposals, which are due to come into force in 2015, properties in council tax Band H will not be eligible for the cheaper cover because they are deemed able to pay for insurance themselves. Financial Times (Web) The Guardian, Page: 7 The Daily Telegraph, Page: 2