Getting insurance after a flood is a big concern for many people. I have had this briefing in today which I share with you.

If a property is in a flood prone area or has experienced flooding, then an insurer may need to charge higher insurance premiums. This means that some homes are harder to insure.

Flood Re is a joint initiative between the Government and insurers with the aim of making the flood premium affordable.  All insurers (and homeowners) pay into the Flood Re scheme which then covers the flood risk in home insurance policies.  If a property then floods, the insurer pays the claim and then seeks reimbursement from the Flood Re fund (www.floodre.co.uk). This levy keeps the premiums down with homeowners being charged a fixed premium based on their council tax band.

Recent changes to the Flood Re scheme will now allow insurers to pay an additional amount (up to a limit of £10,000) to help make properties more flood resilience measures after a flood.  The ‘Build Back Better’ is designed to make homes more resistant or resilience to flooding in the future.

Each insurer provider has slightly different policies with different criteria and thresholds for premiums and cover.  Homeowners should be encouraged to speak to their insurance company and shop around to ensure that they receive Flood Re cover.  A list of insurers that offer Flood Re insurance is available here: https://www.floodre.co.uk/find-an-insurer/

Flood Re – A flood re-insurance scheme

Flood Re is a joint initiative between the Government and insurers. Its aim is to make the flood cover part of household insurance policies more affordable.