Flood Re Insurance

Flood Re – is a flood re-insurance scheme operated by the insurance industry. It has been set up to help those private householders who live in a flood risk area and are finding affordable home insurance difficult to obtain.

How Does It Work ?

The insurance industry collects an annual contribution from every home insurance policy sold in the UK. This contributes around £180m to a specially dedicated fund each year that is managed centrally.

Your home insurance policy will usually include cover for Storm, Fire, Theft, Flood etc. Your insurer will pass on the ‘flood risk’ part of your insurance policy over to Flood Re, who then take responsibility for that particular part of your home policy.

If in the unfortunate circumstances you suffer a flood incident and you have to put in a valid claim on your insurance policy, Flood Re will reimburse your insurer from the central fund.

With this support, insurers in the UK should be able to provide more affordable home insurance policies, with lower claims excesses, for these affected areas.

Currently over 350,000 households in the UK are affected by being in areas prone to flooding.

Not all insurers are part of the Flood Re scheme to date – But as independent insurance brokers, Owen & Ewing can search the market for you to ensure that if you live in a flood risk area, your home insurance is part of the Flood Re scheme.

Remember The Floods Last Year?

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