Recent weeks have seen devastating levels of flooding, particularly in the North, with South Yorkshire being the worst affected area. Reports have suggested that thousands of homeowners will be unable to claim insurance on the damage caused to their properties and businesses, with some insurers not agreeing to sign up to the government-backed scheme, Flood Re.
In total, 1.7 million homes across the UK that are susceptible to flooding due to their flood plane status. Even with greater awareness of building on flood planes, 9% of new builds since the tax year of 2015/16 have been on said flood planes. With a lack of insurance provisions, strong personal finances would be the unfortunate, yet default defence against these devastating natural occurrences. However, this is simply not a viable solution.
Research from FairMoney.com, the UK’s leading fair loan price comparison site has found that 10.5 million Britons are currently experiencing their worst financial status ever. Rather more shockingly, their research has unveiled that 53% of Britons have a weekly disposable income of £0.
A breakdown regions experiencing their worst financial position can be found below:
1) North East – 28% agree
2) West Midlands – 24% agree
3) London and Greater London – 24% agree
4) Scotland – 22% agree
5) Northern Ireland – 22% agree
6) North West – 21% agree
Upon the findings of the research, Dr Roger Gewolb, Founder and Executive Chairman of FairMoney.com, has commented on the worsening nature of personal finance in the UK.
“Leaving 1.7 million people susceptible to uninsured flood damage is bordering scandalous. This becomes particularly more pertinent when we look at the vast amount of Britons who are experiencing their worst financial position on record. If 53% of those in the UK have a weekly disposable income of less than £0, how on earth do those in positions of responsibility expect people to protect themselves from uncontrollable factors?
It’s beyond belief that the insurers and politicians alike feel that omissions from Flood Re is suitable. Businesses and homes are being left unprotected from the elements. People are living in their communities that they’ve spent their entire lives in, they cannot be expected to just simply deal with a lack of insurance simply because nameless faces dictate so. And if this certainly is to become the norm, then quite frankly action has to be taken to secure the personal finances of those who are most vulnerable.”