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Insurance cover for floods still an issue

May 17th, 2018 6:02 PM

By Southern Star Team

Insurance companies are still penalising homeowners and business owners that have been affected by flooding.

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CAPITAL investment in flood relief projects around the country is welcome but it’s only one piece of the puzzle – the issue of flood insurance must be rectified.

That’s according to FF Deputy Margaret Murphy O’Mahony after an announcement of a 10-year €1bn investment plan that will help fund a number of flood relief projects in West Cork.

‘Of course, a critical aspect of building resilience against flooding is investment in capital defences, and I know that communities in Skibbereen, Dunmanway, Bandon, and Clonakilty will be delighted that funding has been secured for these projects.

‘However, even when these projects are completed, local families and businesses will still struggle to get a reasonable flood insurance quote if they will even get a quote at all.

‘Insurance companies are still penalising homeowners and business owners that have been affected by flooding in the past and have had flood defence measures implemented.

‘My colleague, Michael McGrath TD has introduced legislation in the Dáil that would give homeowners and business owners in flood-affected areas more certainty when it comes to insurance.

‘Under our legislation, a property owner would be entitled to complain to the Financial Services Ombudsman if they were unreasonably refused insurance or were offered an unreasonable premium. 

‘The Central Bank would also be given powers to direct an insurer to change its practices or take steps to ensure compliance.’

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