New Act will provide improved choice and affordable flood insurance

Posted: Wednesday 4th June 2014

A new law will mean businesses, charities and public sector customers have the freedom to switch water supplier from 2017. It will also ensure affordable flood insurance for hundreds of thousands of households from 2015.

The new Water Act, introduced last night, will open up competition in the water market, bringing real benefits to businesses and the economy. Together with the other water market reforms set out in the Act, this will grow the economy by £2 billion over the next 30 years.

The Act will:

Environment Secretary Owen Paterson said:

We are building a stronger, more competitive economy and our new reforms to the water market will continue to support that long-term plan.

This new law gives businesses the freedom to switch supplier. This will bring real competition into the market, so businesses can seek out the most competitive deal and save money.

Hundreds of thousands of households in the highest flood risk areas will also be able to access affordable flood insurance from 2015.

It will see flood insurance premiums limited and linked to council tax bands. A new industry-backed levy will enable insurance companies to offer cover to those most at risk of flooding.

Owen Paterson added:

This winter’s exceptional weather has had devastating effects on communities and we want to make sure those most at risk are protected both now and in the future.

This legislation is a huge step forward towards our goal to ensure affordable flood insurance for those households most at risk.”

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