Newsflash: Government announces new flood plans to reassure Lincolnshire residents that flood insurance will become more affordable

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The Government has revealed plans to tackle flooding issues addressing the concerns of Lincolnshire residents.

In a speech on Investing in Britain’s Future, Chief Secretary to the Treasury, Danny Alexander, today announced that the Government had reached an agreement with the Association of British Insurers (ABI) on the future of flood insurance.

The industry’s proposed scheme, known as Flood Re, promises to effectively limit insurance prices for high-risk households.

The Chief Secretary also announced £370 million of funding in 2015 to help protect households from flooding, with a real term increase every year to 2020.

Coun Colin Davie, executive member for environment, said: “This announcement by the Government should help allay the concerns of many Lincolnshire residents who struggle to find affordable insurance for their homes.

“This move will be particularly important for elderly people and low-income households living in coastal communities or areas inland that are at risk of flooding.

“We’re particularly pleased that this support will be funded by a levy on insurers, something the ABI has promised will not increase customer bills in general. This is something we have been lobbying for and it’s great news that things are moving in the right direction.”

He continued to say: “We’re also looking forward to receiving further details on the additional funding made available for flood protection.

“However, we will continue to make the case that all our defences should be fully-funded. Not only are our coastal communities vital to our tourism economy, but it’s of national importance that we protect our agricultural land from the impact of coastal flooding.”

What are your thoughts on this recent announcement? Is this a step in the right direction?

Email your thoughts to chloe.west@jpress.co.uk.