Flood Re is a joint initiative between the UK insurance industry and the Government that aims to help reduce the cost of home insurance in high flood risk areas.
Since the scheme was launched in 2016, more than 300,000 households have benefitted, with four out of five (79 per cent) of householders with previous claims being able to find quotes that are more than 50 per cent cheaper. Flood Re works with insurers behind the scenes. When you buy home insurance cover, your insurer can choose to pass the flood risk element of your policy to Flood Re for a fixed price. If you make a valid claim for flooding, your insurer will pay the claim. Later on, Flood Re will reimburse that insurer from the Flood Re fund. In short, you buy home insurance in the usual way. Flood Re covers the flood risk and that helps to keep your premiums down. Those in flood risk areas should shop around by using price comparison sites, contacting insurers directly or speaking to a broker to ensure they are getting the best home insurance deal for them and the right cover for their homes. For more information, please visit the Flood Re website by clicking Flood RE.