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Have You Come Across Flood Re Yet?

Cumbria is prone to flooding, especially during the winter months, and the effects can be really devastating for homeowners all over the county. However, there may be a way you can afford yourself extra protection if you’re worried about flooding and your home.

Food Re is a flood reinsurance scheme that helps those who do live in flood risk areas. Since 2000, flood insurance has been available to those at high risk of flooding thanks to voluntary agreements between the Association of British Insurers and the government. However, these agreements failed to cover the affordability of the home insurance available – which is why Flood Re was set up.

It’s designed to increase your choice and availability of insurers, enabling affordable cover for those at the highest risk of floods. Insurers pass the flood-related part of the policy to Flood Re and in order for claims arising from these policies to be paid, a central fund has been created.

People who pay higher premiums because of previous floods at home can expect to see their home insurance policies become more affordable as a result. Prices aren’t set for home insurance and insurers can pass the flood risk element on to Flood Re at a premium that is capped based on the council tax band of your house.

Homeworkers are also eligible for the scheme if they fulfil certain criteria. However, such houses will still need to be used primarily as private residential homes and have a council tax band in place.

For help and advice relating to plumbing services in Cumbria, get in touch with us today.

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