A deal to make sure people in Boston can still get home insurance has been hailed by the MP and borough council leader.
Last week The Standard revealed that the Government and the Association of British Insurers (ABI) had come together to strike a deal over the long-running issue.
Homeowners and buyers will be able to get policies – with the deal also seeing investment in flood defences.
MP Mark Simmonds said: “Throughout these negotiations I have made clear that my constituents must be able to access affordable home insurance.
“I have emphasised to both the ABI and DEFRA that the ramifications of a deal not being reached would be damaging not only in Boston and the East Lincolnshire Coast, but across the UK.
“I am exceptionally pleased that Danny Alexander has today announced an initial agreement on Flood Re and am pleased that the Government are willing to take action using the Water Bill, to ensure that families and their homes will continue to be protected.
“I am also delighted that the Government are committed to protecting 400,000 households from the risk of flooding, by providing £370 million in 2015 for flood defences.”
Boston Borough Council leader Peter Bedford added: “It is a good news story for Boston borough residents who should now be able to purchase house insurance at a far more competitive price.
“It is something that we have been lobbying for through MP Mark Simmons and direct to the ministers when the chief executive and I went to see Minister of State for Housing and Local Government Grant Schapps 18 months ago.”