Inadequate government spending on flood defence could lead to over half a million homes becoming uninsurable, according to the latest reports.

The industry had agreed with the government to cover the 570,000 homes in high-risk flood areas until the end of 2008 - but this agreement has been brought forward to the end of this year, says the Association of British Insurers (ABI).

The terms of the agreement stated that insurers would continue to offer customers in flood-risk areas cover, as long as sufficient money was spent on flood defences. However Alistair Darling said in last week's budget statement that he was planning to spend £650 million on flood defences next year - £150 million less than the ABI says is necessary.

"We have brought forward the review of the statement of principles in light of the pre-budget announcement," a spokesman said.

"Our members want to continue providing cover for homes, but we need government to continue the right level of investment in defences."

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