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A scheme has been launched in the UK to help people with properties in areas susceptible to flooding to get affordable home insurance. Flood Re is described by the Association of British Insurers (ABI) as a word first. It is not a home insurer but will work behind the scenes with existing insurance companies so that people with home in are most likely to flood can shop around to find policies with affordable premiums and excesses. ‘It’s great to see so many insurers ready to make use of Flood Re from launch. The launch is just the start of a process and we know more providers will join them over time, bringing even more choice for people with homes at risk of flooding,’ said James Dalton. Director of general insurance policy as the ABI. ‘Insurance is an essential safeguard for your home and belongings. People in flood risk areas not being able to access affordable cover was a major concern, and why the insurance industry went to great lengths to design and create this world-first solution along with Government,’ he added. But research by home insurance expert Admiral suggests more needs to be done to educate those affected as only one in seven of have heard of the Flood Re scheme. It found that despite 67% believing severe flooding events will become more frequent in coming years, just 15% said they worry about their own home flooding. Relatively few people surveyed, just 7% said they have suffered a flood in the past, but it’s clear that for those that were, it was devastating. Admiral asked them the worst thing about their own flooding experience and 21% said the destruction of their furniture and carpets while 16% said it was the emotional stress that the flood caused. ‘Although Flood Re won’t prevent flooding, it is good news for home owners who have been previously flooded or who have had difficulty getting insurance because their home is at risk of flooding. However our research shows only 15% have heard of the scheme,’ said Noel Summerfield, head of household at Admiral. Flood Re works by charging all home insurers a fee and it’s this fee along with other charges to insurers using the scheme that pays for any associated flood claims. It is launched at a time when the Environment Agency estimates that one in six homes are at risk of flood in England alone. Most experts agree that incidents of flooding are likely to become more commonplace. Not everyone Admiral surveyed would be put off buying a house if there was a risk it might flood, only 62% said they would never consider buying a home that was at risk of flooding, no matter its price. Some 12% said they would consider buying a home if the price it was up to 30% below its true cost. While 29% would do it if they could get up to 50% off its true cost. However a house that is prone to… Continue reading →