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Making flood insurance affordable

Recent winters have been the wettest on record in England for almost 250 years with nearly 11,000 homes and business properties being flooded in 2013/14. According to the ABI the average expected pay out for each flood claim is now said to be £50,000 compared with £31,000 in 2013/14.

As a result of the increasing risk, Flood Re has been developed by the insurance industry with the Government. Its purpose is to ensure that insurance against floods continues to be available and affordable for homeowners.  

All insurers pay a ‘levy’ into a central fund held by Flood Re. In addition, insurers can choose to place (or cede) the flood risk part of any home insurance policy with Flood Re. The levies and the flood premiums collected by Flood Re will then be used to pay for flood claims on policies sent to them by the insurers.

We are supporting the Flood Re scheme to represent the homeowners we insure who are at risk of flooding.

How are we communicating with customers?

From 6 February, to allow for renewals from 4 April, you will receive your renewal packs for your clients' (schemes and heritage residential) who are affected. We will enclose a leaflet published by Flood Re which explains the scheme in more detail; this will also apply to quotes and new business. 

From the 1st February we will also have information for your clients' in our Home Insurance section or by visiting:

www.ecclesiastical.com/floodre

Ecclesiastical Insurance Group plc (EIG) Reg No 1718196. Ecclesiastical Insurance Office plc (EIO) Reg No 24869. Ecclesiastical Life Ltd (ELL) Reg No 243111. Ecclesiastical Financial Advisory Services Ltd (EFAS) Reg No 2046087. Ecclesiastical Underwriting Management Ltd (EUML) Reg No 2368571. E.I.O. Trustees Ltd Reg No 941199. EdenTree Investment Management Ltd (EIM) Reg No 2519319. All companies are registered in England at Beaufort House, Brunswick Road, Gloucester GL1 1JZ. EIO and ELL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 113848 (EIO) and 110318 (ELL). EFAS and EIM are authorised and regulated by the Financial Conduct Authority. Firm Reference Number 126123 (EFAS) and 527473 (EIM). EUML is an appointed representative of EIO who is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 402228.