Home insurance: COVID-19 Cover Enhancements - Working from home
As more of us are working from home during COVID-19 we are extending our cover to provide you with some extra protection and peace of mind.
Flood RE is a joint industry/Government sponsored scheme to enable flood cover to be affordable for those households at the highest risk of flooding.
Episodes of severe flooding have increased over the past 10 years and the government has warned that intense bouts of flooding will continue to become more frequent1. Flooding can be devastating to any home.
Below are just two examples of the effects of flooding.
As a result of the increased risk of flood, 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.
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.
For any flood claims made on the policy while on FloodRe, the only excess that you will pay will be £250, this is not on top of the standard policy excess.
Sadly, the likelihood of moving into temporary accommodation is ever likely when you suffer a flood. Fortunately, if your home cannot be lived in because of damage caused, we will pay:
Until your home can be lived in again.
The most we will pay for each claim is 20% of the sum insured for buildings.
2 ABI Responding to Major Floods booklet
3 ABI figures 11 January 2016