Flood risk home insurance
Access to flood insurance in high risk areas
Who qualifies for Flood Re?
There are some conditions for a policy to qualify for Flood Re cover. The main ones are:
- Policy is held in the name of an individual, a personal representative or trust.
- Property is in council tax band A-H.
- Property is for residential purposes.
- Property has an individual premium.
- Policyholder or their close family live at the property some of the time. Alternatively, it’s unoccupied.
- Property was built before 1st January 2009.
How does Flood Re work?
Flood Re is a not-for-profit flood fund owned and managed by the insurance industry. It has been established to allow UK properties located in high risk flood areas to receive affordable home insurance including flood cover.
Every UK home insurance policy is taxed which forms a central fund managed by Flood Re. Additionally, an insurer can also choose to pass the flood risk for a policy to Flood Re. They pay a premium to get this cover which also goes towards the central fund. Should the policy then have a valid flood claim the insurer re-claims the flood loss against the Flood Re fund.
We would always recommend that you read policy wordings and key facts documents to fully appreciate the cover and any exclusions and limitations.