Anti-flood funding to slash commercial property insurance

Customers seeking commercial property insurance will be pleased to learn that premiums could be lowered following improvements to UK councils' flood prevention measures.

As part of a package of measures to help prevent and manage future flooding, a £2 million boost in funding to help local authorities deal with flood risk assessments has been announced by environment minister Richard Benyon.

"Local authorities clearly have a vital role in managing flood risk and we aim to give them all the support we can, not only through funding for defences, but also by providing guidance on planning for a flood and training for staff,” he said.

The announcements follow an incident that happened in Reading when a burst water main cost a commercial landlord thousands. Following this spotlight on the dangers of being uninsured, landlords across the country were encouraged to seek out commercial property insurance.

A spokesperson for Thames Water suggested that there were many reasons for mains pipes to burst unexpectedly, emphasising the need for buildings insurance cover to protect against the unpredictable nature of such events.

A spate of arson attacks in the north west of England, many of which had affected commercial property insurance customers, also pushed landlords to consider the importance of having comprehensive cover.

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