Flood levy could add 10% to home insurance premiums
The environment secretary, Caroline Spelman, has proposed adding a levy to all home insurance policies in order to raise enough money to cover damage in the aftermath of severe flooding.
The Daily Telegraph has reported that Ms Spelman is in talks with the insurance industry about the levy which could increase the average cost of home cover by 10%.
Ms Spelman told MPs in a statement that she was close to reaching a deal with the industry, and said: “The government is considering with the industry’s support a way of formalising existing pricing arrangements and maintaining the current cross-subsidy in place between policyholders.”
She added: “The Government and insurers are
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