Coastal Erosion: Insurance
The question
To ask the Secretary of State for Environment, Food and Rural Affairs, if he will introduce a re-insurance scheme for properties at risk due to coastal erosion.
Answered by Emma Hardy
The £36 million coastal transition accelerator programme is supporting communities and businesses at risk of coastal erosion to transition and adapt to a changing coast.
This includes working with the finance and property sectors to explore innovative finance or funding mechanisms to help move communities away from rapidly eroding areas, for instance schemes to incentivise the relocation of at-risk infrastructure for businesses and homeowners.
The Environment Agency administers the Coastal Erosion Assistance Grant on behalf of Defra. The grant provides £6,000 per property to assist local authorities with the demolition and removal costs associated with homes at imminent risk from coastal erosion.
There are currently no plans to extend the scope of the Flood Re scheme, however Defra regularly reviews all policies, including eligibility for Flood Re.
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