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Latest News What is Flood Re?

What is Flood Re?

Flooded property

Flood Re is a new scheme owned and operated by the insurance industry that has been designed to help those living in flood-risk areas came into force. Flood Re is the first scheme of its kind anywhere in the world, and it required government legislation to enable its creation. It is not for profit, publicly accountable, and should mean that those at risk of flooding can get access to affordable home insurance from a wide range of providers.

How does Flood Re work?

Essentially, Flood Re is a re-insurance scheme. It is funded in the main by an industry-wide levy on insurers that should raise £180m annually. The spate of devastating floods in recent years has left many homeowners and tenants unable to obtain affordable insurance. With the new scheme, those high-risk flood insurance policies will be passed on to Flood Re, and Flood Re will reimburse insurers for valid claims. It is still up to the insurer to decide how much they charge the customer, but it is hoped that savings will be passed on and certainly buildings and contents insurance should now be easier to get for those in flood-risk areas.

How will Flood Re affect me?

Flood Re is designed to operate behind the scenes, so policyholders will have no direct contact with the scheme. You will still buy your insurance in the usual way and will deal directly with your broker in all matters, including any flood-related claims. The only change you should notice will be a wider choice of affordable insurance if you are in a property deemed at high risk of flooding.

The best way to find buildings and/or contents insurance is through an independent broker like Alan Boswell Group. Price comparison sites are all very well, but tend to be designed for those with standard needs and not those at risk of flooding. A broker can help you to find a policy that meets your specific needs at the best price. At Alan Boswell Group, we won’t just look for the lowest premiums, but will also consider what additional cover might be beneficial, the excess charged, and above all what’s right for you. We can also explain exactly how the scheme works, and whether your property is eligible.

With drying, repairing and renovating a flooded house often costing up to £45,000, Flood Re is a vital lifeline for those in high-risk areas.

As always, if you have any questions about your insurance please contact us direct on 01603 218000.

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