lil-minx92 Posted November 27, 2012 Share Posted November 27, 2012 The govt and insurers have come up with the idea that all household insurance premiums will attract a new £8 'tax' (for want of a better word) to cover payouts to flood victims. Is this fair, or should people just not buy houses (probably at knock down prices) in flood risk areas? Link to comment Share on other sites More sharing options...
erebus Posted November 27, 2012 Share Posted November 27, 2012 The insurance industry is about making money, yearly bonuses, and not shelling it out on loss making ventures. Where is the profit in that? Local authorities, and the government encourage builders to build, and flood plain land is cheap, more profits. Who cares about the suckers who buy the properties, we are a country where greed is the mantra, it is encouraged, and the very greedy get awards, knighthoods and such. insurance is about making money through making people feel vulnerable to many fears. One must try an reduce paying out as much a possible, its what business is all about, or did I miss a trick? Link to comment Share on other sites More sharing options...
Cyclone Posted November 27, 2012 Share Posted November 27, 2012 Maybe the suckers should think about what they're buying. It's not like previous flooding doesn't come up in the survey... Link to comment Share on other sites More sharing options...
Leah-Lacie Posted November 27, 2012 Share Posted November 27, 2012 I thought insurance generally didn't pay out for flood victims in areas prone to flooding, or have i got that wrong? Link to comment Share on other sites More sharing options...
lil-minx92 Posted November 27, 2012 Author Share Posted November 27, 2012 The insurance industry is about making money, yearly bonuses, and not shelling it out on loss making ventures. Where is the profit in that? Local authorities, and the government encourage builders to build, and flood plain land is cheap, more profits. Who cares about the suckers who buy the properties, we are a country where greed is the mantra, it is encouraged, and the very greedy get awards, knighthoods and such. insurance is about making money through making people feel vulnerable to many fears. One must try an reduce paying out as much a possible, its what business is all about, or did I miss a trick? Exactly! But the govt is saying the insurers cant deny insurance to flood risk properties. So they insure them, and everybody pays £8 into a fund to help the flood victims if they need it. The insurers cant lose because they want the govt to guarantee to cover any shortfall (no scope for creative accounting there..). Link to comment Share on other sites More sharing options...
Leah-Lacie Posted November 27, 2012 Share Posted November 27, 2012 Exactly! But the govt is saying the insurers cant deny insurance to flood risk properties. So they insure them, and everybody pays £8 into a fund to help the flood victims if they need it. The insurers cant lose because they want the govt to guarantee to cover any shortfall (no scope for creative accounting there..). Ahhh, so they're making changes to the insurance 'rules' then Link to comment Share on other sites More sharing options...
geared Posted November 27, 2012 Share Posted November 27, 2012 People in flood prone areas should pay higher premiums to cover this. If you bought a Ferrari and parked it outside your house in in Pitsmoor you wouldn't expect to pay a premium as low as if you parked it on the drive of your Surrey mansion. Link to comment Share on other sites More sharing options...
lil-minx92 Posted November 27, 2012 Author Share Posted November 27, 2012 People in flood prone areas should pay higher premiums to cover this. If you bought a Ferrari and parked it outside your house in in Pitsmoor you wouldn't expect to pay a premium as low as if you parked it on the drive of your Surrey mansion. Exactly.... Link to comment Share on other sites More sharing options...
taxman Posted November 27, 2012 Share Posted November 27, 2012 It's a shame the government has cut flood defence spending so much. It's also a shame there aren't stricter planning rules governing where houses can be built. Link to comment Share on other sites More sharing options...
lil-minx92 Posted November 27, 2012 Author Share Posted November 27, 2012 It's a shame the government has cut flood defence spending so much. It's also a shame there aren't stricter planning rules governing where houses can be built. Dont let Chemist hear you say that We need less rules, free up land- there is masses of it despite what we're told, relax some planning rules and let the people of this country build an affordable roof over their head. Link to comment Share on other sites More sharing options...
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