A new scheme to help people who live in areas susceptible to flooding get cheaper home insurance has been launched.
The Flood Re scheme - which will be in place until 2039 - has been set up after the government worked with UK insurers to deliver a new way of dealing with and offering flood cover on home insurance through a not-for-profit scheme that’s funded by insurers. But research by home insurance expert Admiral suggests more needs to be done to educate those affected as only 19 per cent in Yorkshire have heard of the scheme.
Admiral surveyed homeowners about their views on flooding and its impact. It found that despite two thirds (65 per cent) in Yorkshire believing severe flooding events will become more frequent in coming years, 22 per cent said they worry about their own home flooding. Relatively few people surveyed (seven per cent) said they have suffered a flood in the past, but it’s clear that for those that were, it was devastating. Noel Summerfield, Head of Household at Admiral, said: “Flood Re is good news for homeowners who have been previously flooded or who have had difficulty getting insurance because their home is at risk of flooding. However our research shows only one in five Yorkshire have heard of the scheme, despite living in one of the regions that should most benefit from it. Flood Re works by charging all home insurers a fee and it’s this fee along with other charges to insurers using the scheme that pays for any associated flood claims.”
“The Environment Agency estimates that one in six homes are at risk of flood in England alone. Most experts agree that incidents of flooding are likely to become more commonplace, so perhaps those considering buying a home should do more research around the risk of flood.” For more information visit www.floodre.co.uk