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Flood risk home insurance
Understanding the UK Flood Re Scheme: Insuring Flood Risk Properties
Flooding is a significant risk in many parts of the UK, and for property owners in flood-prone areas, securing affordable and comprehensive insurance can be challenging. The UK Flood Re scheme was introduced to address this issue, ensuring that homes at risk of flooding can access affordable flood insurance. Here’s what you need to know about insuring your flood risk property via the Flood Re scheme.
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What is Flood Re?
Flood Re is a joint initiative between the UK government and the insurance industry. Launched in 2016, it aims to make flood insurance more affordable and accessible for homeowners living in flood-prone areas. The scheme is designed to help insurers offer competitive premiums and excesses for properties at high risk of flooding by effectively capping the cost of flood insurance.
How does Flood Re work?
Flood Re works behind the scenes of your regular home insurance policy. When you purchase home insurance from a participating insurer, the flood risk portion of your policy is ceded to Flood Re. This means that while you pay your premium to your insurer, Flood Re takes on the flood risk. In the event of a flood claim, your insurer will handle the claim process, but the cost is passed on to Flood Re.
Eligibility for Flood Re
Not all properties are eligible for the Flood Re scheme. Generally, the scheme covers residential properties built before January 1, 2009, that are insured in the name of individuals. Here are some key eligibility criteria:
1. The property must be a residential building, not a commercial one.
2. It must be located in the UK.
3. It must be insured by the individual homeowner.
4. Properties built after January 1, 2009, are excluded to discourage building in high-risk areas.
Benefits of the Flood Re Scheme
1. Affordable Premiums: By capping the cost of flood insurance, Flood Re ensures that premiums remain affordable for homeowners in flood-prone areas.
2. Accessible Insurance: Homeowners who previously struggled to find an insurer willing to cover their property can now access a range of insurance options.
3. Peace of Mind: Knowing that flood risks are covered can provide significant peace of mind to homeowners living in vulnerable areas.
Making a Flood Claim
In the unfortunate event of a flood, contact your insurer to file a claim. Your insurer will manage the claim process, but the cost will be covered by Flood Re. Ensure you document the damage thoroughly and provide all necessary information to expedite the claim process.