Flood Re is a joint industry and government-sponsored scheme to enable those households at highest risk of flooding to be able to have affordable flood cover.
The average amount of rainfall has increased 6-8%1 since the 1980s.
- Around one in six or almost 5million UK homes are now said to be at risk of flooding2
- Less than 40% of those homes at significant risk of flooding are aware of the risk3
- The majority of insurance claims result from surface water flooding, not as a result of being located near a river or the sea.
Flooding can be devastating to any home.
If your home is badly damaged due to flooding, it may take a year or more for it to be restored and become habitable again; mainly due to the time it takes for the property to be dried out4.
The average expected pay out for each flood claim is now around £50,000 compared with £31,000 in 2013/145.
Having property insurance with flood cover can be crucial when getting a mortgage, so if flood insurance became harder to get and more expensive, this could have serious repercussions for the property market as a whole.
As a result, a not for profit initiative has been developed by the insurance industry with the Government called Flood Re
. Its purpose is to ensure UK homes at the highest risk of flooding can get affordable flood cover.