The cost of the excess paid in the event of a claimiscapped at £250 across the board,
regardless ofCouncilTax band.
The cost of the flood risk element of policies directly correlates to the Council Tax band
of your home and should not increase the overall cost of your premium by more than
the value stated in the table below.
*Table correct as of May 2024
To be eligible your home must have been built before the
1st January 2009 (or been built before 1st January 2009 but
been demolished and rebuilt), be insured by the individual
homeowner (not a company), have a domesticCouncilTax
band, and be used for private residential purposes. Full
details on eligibility criteria can be found at:
www.floodre.co.uk/industry/how-it-works/eligibility/
Flood Re is a non profit scheme developed in 2016 by collaboration between insurance
companies and the Government, allowing participating insurers to offer 'capped' flood
risk premiums to those in flood risk areas.
The Flood Re scheme...
Helps homeowners to find and access affordable home insurance cover.
Helps tenants to obtain affordable contents insurance cover.
Allows insurers to offer an affordable range of policies to homes at risk.
The decision of whether or not to insure a property or contents through the Flood Re
scheme ultimately lies with the insurance provider. The Flood Re scheme effectively
acts as a central pot of money which is designed to fund the cost of flood related
damages in the event of a claim.
In April 2022 Flood Re announced the introduction of the ‘Build Back Better’ scheme.
Participating insurers can now offer reimbursement costs of up to £10,000 over and
above the cost of flood repairs and losses to make properties more flood resilient. More
information on the 'Build Back Better' scheme can be found here:
www.floodre.co.uk/buildbackbetter/
It is funded from two sources:
An annual levy contribution paid by all participating insurance companies.
The cost of the flood risk element of policies offered through the scheme.
Participatinginsurance
companies:
Admiral
Ageas
AIG
Allianz
Avantia (HomeProtect)
Aviva Home Insurance
AXA
Bank of Scotland
Barclays
British Gas
Chelsea Building Society
Cherish Insurance Brokers
Churchill
Clydesdale Bank
Covéa Insurance
Direct Line
Esure
First Direct Home Insurance
Flood Assist
Halifax
Haven Insurance
Hiscox Home Insurance
HSBC Home Insurance
inet3
John Lewis Specialist Home
Insurance – underwritten by
Covéa Insurance
Leek United Building Society
Lloyd & Whyte
LV=
Lloyds Bank
Marks & Spencer Bank
More Than
Nationwide
Natwest – underwritten by
UK Insurance Limited
NFU Mutual
Norwich & Peterborough
Building Society
Nottingham Building Society
Oak Underwriting
Ocaso
Pen Underwriting
Policy Expert
Plum Underwriting
Prestige Underwriting
Privilege RBS – underwritten
by UK Insurance Limited
RSA Insurance Group
Sainsbury’s Bank
Santander Home Insurance –
administered and
underwritten by Aviva
Insurance Limited
Sheilas’ Wheel
Swiftcover
The West Brom
Yorkshire Bank
Yorkshire Building Society
Zurich
See the most up to date list
at www.floodre.co.uk
The Flood Re scheme will be in operation until 2039, giving time for the Government,
Flood Re, insurers and homeowners to reduce the impact of flooding in order to
make affordable flood insurance available in the future, after which time flood
insurance will return to the free market.
During the transition period to Flood Re closing, there may be some financial
incentives for improving your property's resilience and resistance to flooding.
FLOODRE INSURANCE
How it works
Eligibility
How are costs capped?
Last reviewed: May 2024
For more information visit:
www.thefloodhub.co.uk Follow
us on social media:
@TheFloodHub
* Build Back Better
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Image: Mikes-Photography from Pixabay
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