Traditionally, it hasn’t always been easy accessing affordable home insurance if you live in an area at high risk of flooding.
Flood Re is a scheme set up between the Government and insurance companies to help provide access to home cover. This works by allowing insurers to pass on part of the risk and cost to the Government, rather than to you.
How does Flood Re work?
When it comes to choosing your home insurance, as long as your provider has signed up to the scheme, nothing changes.
- You buy your policy in the same way: either directly with us or your chosen provider. You’ll continue to be set premiums based on the details you give.
- If your home is eligible, then the part of your home insurance that covers you against flood damage may be passed to the Flood Re scheme. All of this will happen automatically. You don’t need to do anything, and we’ll confirm if this applies to you in your policy schedule.
- It also doesn’t make any difference to how you claim. Just follow our normal claims process, or your chosen provider’s. Your insurer will still complete repair works. The only difference is they can recover those costs from Flood Re.
This also means that if you previously had a high flood excess on your home insurance policy, you’ll now have a standard policy excess. So, you aren’t expected to cover any extra cost if your home is damaged by flooding.
Is your home eligible?
The Flood Re scheme only applies to properties built before 2009. The aim of this cut-off point was to discourage developers from building homes in flood-prone areas. Holiday lets, properties owned by buy-to-let landlords, commercial and leasehold properties are also excluded.
With new homes continuing to be built in flood risk areas, it’s important to be aware of the danger to your property or any property you’re thinking of buying or renting. You can find out the flood risk of a property using the Government’s flood risk checker.
If you’re buying a new build home, ask your homebuilder if they’ve installed any flood mitigation measures. Plus, always get a full buildings survey, which should include any flood risk.
Need more information?
Although you’re not required to do anything to access Flood Re, you can visit the Flood Re website to find specific information on the scheme.