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Homeowner flood insurance scheme launches

by: Mortgage Solutions
  • 04/04/2016
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Homeowner flood insurance scheme launches
A new flood insurance scheme, Flood Re, designed to help UK homeowners get affordable insurance cover despite living in areas at risk of flooding, launched today.

Flood Re is not a home insurer itself but will work behind the scenes with existing insurance companies so that people who own and live in homes that are most likely to flood can shop around more easily to find policies with affordable premiums and excesses.

Over time it’s estimated that at least 350,000 homes could benefit from the scheme, although awareness is lacking according to one firm. Research published today by home insurance company Admiral suggests more needs to be done to educate those affected, as only one in seven has heard of the scheme.

However, 17 insurers have already signed up to use Flood Re, with more expected to follow.

James Dalton, director of general insurance policy at the ABI, said: “It’s great to see so many insurers ready to make use of Flood Re from launch. Monday is just the start of a process and we know more providers will join them over time, bringing even more choice for people with homes at risk of flooding.

“Insurance is an essential safeguard for your home and belongings. People in flood risk areas not being able to access affordable cover was a major concern, and why the insurance industry went to great lengths to design and create this world-first solution along with government.”

 

 

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