Flood re

Flood Re is a scheme that allows insurers to spread the cost of any flood claims, making insurance for flood affected areas cheaper. It will make no difference to the way you buy your home insurance and all claims will continue to be handled by the insurance companies themselves. The scheme came into effect on 4th April 2016.

You have been included in Flood Re because your property has been deemed to be at the highest risk of flooding. You do not need to have suffered recent flood damage to be included in the scheme.

If you haven't been included in the scheme this is because your property is not at the highest risk of flooding and/or your property has not met the UKI eligibility criteria.

People who pay higher premiums as a result of their home having flooded, could expect their home insurance to become more affordable. This is due to a combination of insurers being able to pass the flood risk to Flood Re, and the policyholder now being able to shop around in a more competitive market that may have been closed to them.

You will be advised during your quotation if you have been included in the Flood Re scheme. Your excess and policy documents will also reflect this.

You are unable to opt in, or opt out, of the Flood Re scheme. If your home has been considered to be at a high risk of flooding and meets the UKI eligibility criteria then you will be automatically included in the scheme.

This is due to an agreement made between the insurance industry and the Government in 2008. Flood Re is designed to incentivise rigorous and responsible planning decisions.

A £250 flood excess is payable in the event of making a flood claim. There is no change to the claims process if you have been included in the Flood Re scheme, and need to make a flood claim in the future.

If you move house your new home will be assessed to see whether is it considered to be at high risk of flooding. If it meets the criteria you will be included in the scheme. Any other mid-term adjustments will have no effect on whether you are included in the scheme.