Flood risk homeowners hit with £20,000 excess

Flooding in Morpeth

In figures quoted in an article in the Financial Times, the company added that others could also see five-figure excesses in the future rather than, for example, £250 quoted in non-flood prone areas.

"Thousands could be facing excesses on their flood damage significantly in excess of £10,000," the newspaper reported AA Insurance as stating.

The news comes as the government remains deadlocked with the insurance industry over flood insurance. The Statement of Principles runs out in June this year

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