Some of us remember wading to work through the floods of 2007 and the snow last month which remains fresh in all our minds. But spare a thought for the people of Botley, Osney and St Ebbes in March 1947. That year, there was first heavy snow and then, when the thaw set in, severe floods.

According to the Government funded UK Climate Impacts Programme (UKCIP), based in Oxford, such bouts of severe weather are expected to become more frequent, thanks to climate change. Temperatures in central Britain have risen 0.7 deg C since 1659, and 0.5 degrees of that rise occurred in the 20th century, with the 1990s the warmest decade in central England on record.

UKCIP spokesman Kay Jenkinson said: “There is an increasing risk of more frequent flooding, and that is linked to global warming.”

Much of Oxford is listed as being at “severe risk” from flooding — more than a once in 100 years — on Environment Agency maps. But insurance companies will still cover most such properties under an agreement with the Government called the Statement of Principles, which requires insurers to maintain cover on all properties with a risk of flood greater than once every 75 years.

But that agreement, negotiated with the previous Government and due to end in 2013, is based on the understanding that Whitehall will boost investment in flood defences.

Now the Association of British Insurers (ABI), currently negotiating with the Department of Food and Rural Affairs (Defra) about replacing the agreement, says the present Government has not boosted spending — which leaves some Oxford home owners in high-risk areas wondering if they will be able to get insurance after 2013 and, if not, whether their properties might fall in value.

ABI spokesman Malcolm Tarling said: “The Statement of Principles Agreement was never intended to be prolonged after 2013.”

However, he added: “We are exploring lots of ideas and are disappointed that more is not being spent. We are even exploring possibilities of doing more with less money.”

A report from the Parliamentary environment select committee last month said: “MPs are concerned the Government has cut flood defence funding and will in future require communities to pay a greater contribution towards the defences from which they benefit.”

Oxfordshire county councillor and former president of the National Association of Estate Agents Stewart Lilly told The Oxford Times: “If a property becomes uninsurable it can most certainly affect its value —perhaps by as much as 50 per cent.

“The risk of flooding is increasing with climate change and I would say ‘buyer beware’.”

Mr Tarling said Britain was virtually the only country where flood insurance was offered automatically. “We are making our formal submission to Defra about the agreement early next month and we, like everyone else, want to find a way to continue offering such insurance.

“But it cannot be denied that some people might receive letters informing them that flood cover has been withdrawn after 2013.”

Defra spokesman Paul Leat, said: “We want insurance to remain available for all homes at risk of flooding.”

He said local and central government had recently agreed to work in partnership with insurers to ensure insurance was widely available beyond 2013. “All parties also recognised that insurance policies should reflect flood risk, including resilience and other efforts by individuals to limit their own damage. “The best way to keep insurance widely available and affordable is to help people reduce the chance of their home being flooded, such as by signing up to the Environment Agency’s flood warning service.”

A recent survey by advice group National Flood Forum found that people who suffer floods frequently see increases in their premiums and that excess costs often rise by as much as £5,000.

Dr Peter Rawlcliffe, of the Oxford Flood Alliance, who met Environment Agency representatives earlier this week, said the agency had recently completed culvert clearing work at its suggestion.

He added: “We work very well with the agency but it seems that the work required under the Oxford Flood Risk Management Strategy, which would have put all Oxford properties into a lower risk level of less than once in 75 years, has now been put on the back-burner by the Treasury.”

Environment Agency spokesman Keith Hutchence said that since 2007 the Agency has secured £1.8m for short-term anti-flood measures to cope with smaller-scale floods.

He said: “Even before the short-term measures were taken, the agency had already spent £180,000 on 410 metres of demountable barriers and lightweight pumps for Osney Island, one of the most vulnerable areas of the city.”

He added: “In 2010, the Environment Agency launched a second programme of short-term measures in Oxford and approximately £900,000 is being spent. They will provide new culverts under Willow Walk, near North Hinksey, to reduce the build-up of flood water in the Botley Road area; and vegetation clearance and channel improvements on the Hinksey Stream at Redbridge. Tree works have been carried out in both locations in the last fortnight and the work should be complete by the early summer.

“We have recently been working with our colleagues at Oxford City Council and Oxfordshire County Council to help reduce flooding in the Botley Road area.

“A new hump that will help prevent water flowing into Earl Street is currently being installed.

“We have been consulting with the Oxford Flood Alliance about these measures and more will be coming shortly.”

He said that measures to tackle larger-scale flooding over the next 100 years were included in the Oxford Flood Risk Management Strategy, adopted by the Environment Agency in autumn 2010, though funding from the Government has not yet been approved.

Many Oxford properties, notably in parts of Osney and Botley, have a risk of severe flooding higher than once in 75 years. Householders can check their individual risk by ringing the helpline on 08708 506506.