Flood Re set to reduce flood re-insurance premiums in 2019

6th December, 2018

As of 1st January 2019, Flood Re will reduce re-insurance premiums, reducing the cost of Home Insurance in the highest flood risk areas in the UK.

Flood Re is a joint initiative between the Government and insurers. The aim is to make flood cover, part of household insurance policies, more available and affordable for those living in a high-risk flood zone.

The premiums are set based on Council Tax bands, and from 1 January 2019, the premium for buildings will be reduced by 12.5% and 33% for contents. This could mean a reduction between £44 and £112 for a combined building and contents policy.

Andy Bord, Chief Executive of Flood Re, said: “After two years of operations, we are pleased that the Scheme’s objective, of ensuring the availability of affordable home insurance for people in flood-prone parts of the UK, continues to be met.

“Our detailed analysis has found that we can reduce our charges to insurers, whilst maintaining a strong financial position and remaining able to respond to significant flooding in future.”

The idea is that homes in flood prone areas that felt they couldn’t afford Flood Insurance are now encouraged to do so.

Read more about reducing flooding here. Or, to find out more about our Flood Insurance, please click here.

To discuss your Flood Insurance requirements, speak to a member of the team on 0115 973 4437 or email insurance@routenchaplin.co.uk.

Sources:
Flood Re – https://www.floodre.co.uk/flood-re-pledges-to-reduce-premiums-in-2019-2/

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