Since launching just over 12 months ago Flood Re has helped over 100,000 households in high flood risk areas obtain insurance.
Flood Re is a government backed scheme designed to provide affordable insurance for people owning or living in properties that are at a high risk of flooding. Whilst this is fantastic progress in 12 months It is estimated that Flood Re will eventually help some 350,000 households.
The Flood Re scheme does not however cover everyone. To be eligible for the scheme properties must meet all 8 of the acceptance criteria listed below:
There are however some exceptions to the types of property that can be included which we have listed below (A-I). These properties must also meet all of the 8 criteria to be eligible. The property types are:
If you are looking to insure one of these types of properties (A-I inclusive) then you will also only be able to buy either insurance for the buildings or a combined insurance policy (covering both the building and its contents) you therefore cannot buy cover for just the contents of the building.
Flood Re will also cover a tenant's or individual person's contents in a rented or leasehold property even if the buildings risk would not be eligible (for example large blocks of flats) as long as the policy and the property it relates to meet the 8 acceptance criteria.
There are still thousands of households and hundreds of thousands of businesses that sit outside the scope of Flood Re for whom both finding and affording insurance remains a significant challenge.
We're establishing Flood Assist as specialist flood insurance broker/intermediary to help the home and business owners in high flood risk areas find insurance cover. With our regulatory approval from the Financial Conduct Authority almost complete we're now working hard to put our systems and products in place so that we can get to work on your behalf.
Follow us on our journey over the next few months on Twitter, Facebook or of course at floodassist.co.uk.