TDs to meet insurance chief about flood-prone properties

on 25/09/2012 07:51:24

TDs will today meet with the Chief Executive of the Irish Insurance Federation, Michael Kemp, in an effort to find out why many insurance companies have stopped offering full home or business insurance cover.

Following extreme weather events during the past number of years, many insurance firms are refusing to give premiums to certain householders or businesses living or operating in flood-prone areas.

Chairman of the Oireachtas Environment Committee, Deputy Ciarán Lynch, has said the situation cannot continue as it's causing a lot of stress to many families and communities.

Mr Lynch said: "They are left in a very precarious situation in that on a year-to-year basis they can't get protection against the possible threat of flood.

"But further down the line if the house comes up for sale and they wish to sell that house they may actually find that they cannot sell the house at all, because any purchaser coming in may be blocked by the bank from securing that loan because of the tight limits of insuring the property."