British homeowners to pay 10% premium on insurance to bail out their peers who bought in flood zones. Democracy in action: take from the wise and cautious and give to the foolish. Obaminsurance crosses the Pond.
Thousands of properties have been flooded with insurers estimating the cost of repairs at hundreds of millions of pounds.
Now the Environment Secretary, Caroline Spelman, has disclosed she is in talks with the insurance industry about a scheme which could add 10 per cent to an average family’s bill.
She is proposing a levy, which could be in place within months, that would apply to all home insurance policies in an attempt to raise enough money to cover damage in the aftermath of severe flooding, which can reach billions of pounds in insurance claims.
Critics claimed the proposal represented a “stealth tax” and said it was unfair that those “sensible enough” to live outside areas which flood should pay more.
To quote FWIW’s own 3DB, those critics are “prioritizing their own self-interests above the interests of other people.” How awful.