These homes are about to become worthless

Up to 200,000 British homes could soon become uninsurable, thanks to the end of a flood agreement between the Government and insurers.

Twelve years ago, in 2000, the Government and the insurance industry came together to produce a document called the Flood Insurance Statement of Principles. This governed insurers' treatment of policyholders in flood-prone areas and was renewed for five more years in 2008, but it is set to expire in June 2013. Also, the latest version does not cover homes built since January 2009.