Deal finally struck to replace Statement of Principles

 A family are rescued from their home in Gloucester during flooding on 27 November

Fears abounded that the end of the current agreement - which was due to expire at the end of July - would have left homes in flood-prone areas uninsurable. 

It was originally set to finish at the end of June, but a one-month extension had been granted to cater for the on-going talks. 

However, the new Flood Re agreement will cap flood insurance premiums, linking them to council tax bands, so that people will know the maximum they have to pay.

To fund this, an industry-backed levy will support

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