By Iona Bain

Britain will need to adapt its flood defences to cope with the effects of climate change, as a new report estimates that the costs of floods could rise by £10.8 billion in the next 70 years.

The report was commissioned by the government to look into the possible impact of global warming and warned that flooding could become a regular occurrence in the future, costing as much as £12 billion to deal with by 2080.

Britain is already commitment to spending £2.1 billion on flood defences and coastal erosion, another possible outcome of climate change, over the next four years.

The findings will concern homeowners in flood-prone areas, as insurers have not yet agreed to cover policyholders who face an increased risk of flooding in the future.

We previously reported that under a statement of principles established in 2000, insurers agreed to provide cover so long as there were plans to reduce flood risk within five years and if the property was built before 1 January 2009.

But this commitment ends in June next year and the insurance industry has yet to come to a new agreement with the government, according to reports.

Those homeowners have already faced huge rises in home insurance premiums, with some seeing their excesses reach £20,000. Some with properties in affected areas are already seeing their home insurance premiums rise, with their excesses reaching as high as £20,000.