Homeowners in high flood-risk areas get insurance boost
Homeowners living in high flood-risk areas of the UK should now be able to save hundreds of pounds on their insurance premiums, according to an item on BBC News online.
Up to now, thousands of householders have been paying large additional premiums to make sure their homes and possessions are protected and so the new scheme, called Flood Re, has been designed to cut bills for those whose homes are in danger of flooding.
Insurance companies should now be able to lower premiums, as they can pass on the flood risk element of policies to the reinsurer Flood Re.
Householders who are eligible will also see their policy excesses – the amount they have to pay towards a claim – capped at £250. Previously, some people had to pay several thousand pounds towards repairs.
However, houses built since 2009 will not be covered by the scheme. This was done to discourage developers from building on land at risk of flooding. Businesses are also excluded, as are landlords who take out insurance policies on homes they do not occupy themselves.
| Region | Homes at Risk | % of UK Total |
|---|---|---|
| South East | 52,065 | 15% |
| Eastern England | 41,648 | 12% |
| Yorkshire & Humber | 39,239 | 11% |
| London | 38,438 | 11% |
| North West | 38,247 | 11% |
| South West | 31,677 | 8% |
| East Midlands | 26,097 | 7% |
Shira Kimmerling, whose home in Hebden Bridge experienced flood damage on Boxing Day 2015, was previously unable to afford insurance. But she told the BBC that, under the Flood Re scheme, she would now be able to pay for cover. “I think it’s wonderful news,” she told the Today programme on Radio 4.
What to do if you experience flood damage
In the event that you experience flood damage in the home, or at your business premises, your best course of action is to seek the advice of flood clean up experts, like Rainbow International.
They will be able to return the property to its pre-incident condition as quickly as possible, minimising secondary damage, efficiently and effectively, with the minimum of disruption.
Flood clean up is a process that can have serious consequences for the structure and integrity of your property, if the operation is not handled by experts in flood damage repairs.
Flood damage experts, Rainbow International, have over 70 branches across the UK, Contact them now to access their 24 hour helpline and find your local branch.