Flood Insurance Levy. Yay or Nay.

Uncle Ben

The UK currently are charging approx £10 per policy so as people in flooded areas without cover can be assisted.

There has been a lot of talk recently here aswell regarding same, and Enda and Co. are to meet the insurance industry next week. Considering the high prices people already pay for insurance, be it car, health or property plus the fact that we already pay levies, is it right that we should be asked to cough up more?

slimjimmc

Mod: Moved to Banking & Insurance & Pensions.

To Elland Back

Fixing the problem is the only long tern course of action. Can you imagine the pace and bureaucracy that public servants would bring to the process? The initial levy would be swallowed up in admin, so the amount would go up. Remedial drainage work would be postponed

zl1whqvjs75cdy

Enough levies on insurance as is and the price if the thing is going through the roof. Sorry, but no. If you don't want to be flooded move off the flood plain.

my3cents

A definite NO from me and I live in a flood plane and missed flooding last year (only a couple of weeks ago) by inches.

Our house has been here 200 years and historically has flooded up to the windows according to local pub talk but I still say no because I don't think we should subsidise bad planning and those who have recently built new house on flood planes.

Delta2113

No and Nationalise the Insurance Industry (not going to happen).

Atlantic Dawn

No from me as it just covers up incompetence. There's also scatterings of houses in some areas where you can't justifiably spend money on a repair job to cover so few people, instead it would be cheaper to level the houses and give them a free house in the nearest town.

TallGlass

Nay.

TheQuietFella

http://www.rte.ie/news/2016/0107/758270-flooding-farmers/

What's the difference between the farming community and the others

who were flooded?

screamer

No that is just ignoring the problem pushing it onto the shoulders of policy holders. Insurance companies need to be brought to buck too their attitude and lack of help when needed is appaling. They won't insure you again unless you have taken measures to prevent flooding a 2nd time now tell me what mere mortal can hold back the Shannon? Time for the government and all their quangos to man up and fix it.

screamer

TheQuietFella wrote: »

http://www.rte.ie/news/2016/0107/758270-flooding-farmers/

What's the difference between the farming community and the others

who were flooded?

They're farmers and don't you know FG main support is from farming communities and it's an election year.

Also farms are buinesses and other businesses have already availed of comp for flooding so they're no different. It's winter fodder is damaged sheds are damaged animals are hungry so they need some sort of help to avoid scenes like 2009 where stock had to be destroyed due to lack of fodder.

Uncle Ben

screamer wrote: »

No that is just ignoring the problem pushing it onto the shoulders of policy holders. Insurance companies need to be brought to buck too their attitude and lack of help when needed is appaling. They won't insure you again unless you have taken measures to prevent flooding a 2nd time now tell me what mere mortal can hold back the Shannon? Time for the government and all their quangos to man up and fix it.

My view also. The local authorities were happy to collect development levies etc by granting planning all over the place. Those same respective coco where flooding has occured should now assist those people through the LPT. It was introduced after all for the provision of local services.

When the OPW build appropriate flood defences the insurance companies should then be compelled to insure the 'risk'. If the right defences are built by the govt the risk should be minimal.

To Elland Back

screamer wrote: »

Insurance companies need to be brought to buck too their attitude and lack of help when needed is appaling. They won't insure you again unless you have taken measures to prevent flooding a 2nd time now tell me what mere mortal can hold back the Shannon?

So you expect Insurers to issue flood cover to people as part of a standard policy for approx €400 per year, knowing that they are certain to face an average payout of €20,000 every couple of years? Do you know how improbable that is?

TheQuietFella

screamer wrote: »

They're farmers and don't you know FG main support is from farming communities and it's an election year.:rolleyes:

Also farms are businesses and other businesses have already availed of comp for flooding so they're no different. It's winter fodder is damaged sheds are damaged animals are hungry so they need some sort of help to avoid scenes like 2009 where stock had to be destroyed due to lack of fodder.

Don't businesses have insurance?

imitation

Im going to say yes, its pretty unpalatable for us having gotten reemed with exciting new taxes like usc, irish water, lpt etc, but if you ignore that, having an extra charge for an emergency situation that comes up once a decade seems a better solution than having to make random cuts to find the funds.

Trish56

Levy or no levy we will be paying one way or another through increased annual premiums. If Insurance Companies have to pay out huge claims well then they increase the renewal premiums on all home policies to cover their losses.

CaraMay

No way.

Zurich refused us flood cover last year even though there hasn't even been a large puddle here any time during the floods. Im not covered for flooding so why would I pay a premium?

NUTLEY BOY

NAY from me.

This is primarily an engineering problem.

Flooding that becomes an inevitable and repeated event with a probability of occurrence of 100% is no longer a chance event. Insurers do not underwrite the former.

A levy would be just one more burden too much.

I think there is a misconception about a levy. Previous insurance levies were primarily aimed to help out with the cost of bailing out failed insurance companies. This levy would be likely to be spent on flood defences. Therefore, the insuring public will pay - via a levy - for the failure of central and local government to undertake adequate infrastructural engineering works to deal with the problem in the first place. Typical.

Don't get me started about developers being granted permission to build on flood planes. That is a whole novel in it's own right given that there is so much to say about the issue.