Introducing Flood Re - a joint industry/Government sponsored scheme to enable flood cover to be affordable for those households at highest risk of flooding.
An increase in flooding
Recent winters have been the wettest on record in England with nearly 11,000 homes being flooded in 2013/14.
Around one in six or almost 5 million UK homes are now said to be at risk of flooding*
Less than 40% of those at significant risk of flooding are aware of the risk**
The majority of insurance claims result from surface water flooding, not as a result of being located near a river or the sea.
What do homeowners face if flooded?
Flooding can be devastating to any home, below are just 2 examples.
Having property insurance with flood cover can be crucial in getting a mortgage, so if flood insurance became harder to get and more expensive, this could have serious repercussions for the property market as a whole.
As a result, a not for profit initiative has been developed by the insurance industry with the Government called Flood Re. Its purpose is to ensure UK homes at the highest risk of flooding can get affordable flood cover.
Further information can be found in our FAQs, the Flood Re leaflet or by visiting the Flood Re website.
*Environment Agency’s recent ‘flood aware’ campaign
**The National Flood Forum
† ABI Responding to Major Floods booklet
†† ABI figures 11 January 2016