Canada
Ireland
Flood RE is a joint industry/Government scheme that enables flood cover to be affordable for those homes that have a high risk of flooding.
What do homeowners face if flooded?
Climate change is resulting in more extreme weather events, and flooding can be devastating to any home.
Below are just two examples of the effects of flooding.
- Disruption
If your home is severely damaged, it may take a year or more to be restored and made livable again, primarily due to the time it takes for the property to dry out after flooding. - Expense
The cost of repairs, combined with the expense of finding alternative accommodations for you and your family to stay, can be substantial.
As a result of the increased risk of flooding, Flood Re, which is a not-for-profit initiative, has been developed by the insurance industry and the Government. Its purpose is to ensure that UK homes at the highest risk of flooding can get affordable flood cover.
Having property insurance with flood cover can be crucial in getting a mortgage, so if flood insurance became harder and more expensive to get, this could have serious repercussions for the property market as a whole.
Excess
Any flood claims made on a policy where Flood RE is in force have a £250 excess as standard, this is not on top of the standard policy excess.
What to do if we are unable to help
If we are unable to assist you with flood cover, the British Association of Insurance Brokers (BIBA) have a flood insurance directory which includes a list of specialist providers.
The firms listed are authorised and regulated by the Financial Conduct Authority.