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Flood Re
Extreme weather events resulting from climate change are increasing. According to a report published in 2021 by the House of Commons Public Accounts Committee, five million properties across the UK – around one in six – are now at risk of flooding from coastal, river, or surface water.
Flood Re is a joint reinsurance initiative between the government and home insurers aimed at making the flood cover part of your household insurance more affordable. The Flood Re Tool confirms if your property may qualify under the scheme.
Since its launch in 2016, more than 450,000 homes have benefited from the Flood Re scheme. Four out of five homes with previous flood damage claims have seen a reduction in their premium of more than 50%.
Build Back Better
Beginning in April 2022, Flood Re has launched a new initiative to ensure homes are more resilient against the effects of flooding. Participating insurers will offer reimbursement costs to customers of up to £10,000 over and above the work to repair flood damage. The money will pay for installing flood resilience measures to help householders return to their homes sooner following future flooding.
According to Flood Re, among the work this might cover is raising electrical sockets and white goods above floor level, installing self-closing air bricks and flood-resistant doors, and replacing existing flooring with waterproof tiles and grout. It can also include the cost of a survey to better understand the flood risk and recommend potential mitigation methods.
Flood Re says that combined with individual action, such as moving sentimental items and important documents upstairs when flooding is expected, these changes can help protect a householder from the more devastating impacts of recurrent flooding and alleviate the financial and emotional consequences.
Participating insurers
The initial participating insurers in the new scheme are:
- Ageas
- Aviva
- NFU Mutual
- Lloyds Banking Group (Bank of Scotland, Halifax and Lloyds Bank home insurance products)
- LV= General Insurance