March 20, 2016
On 27th June 2013, the Association of British Insurers (ABI) and the Government agreed a model for the new ‘Flood Re’ scheme to ensure that flood insurance remains available and affordable for as many people as possible.
It has been agreed to develop a not-for-profit flood fund, Flood Re, which will offer flood insurance at a set price to those who are at high flood risk and who might otherwise struggle to obtain flood insurance. Flood Re is due to be introduced for residential properties in the summer of 2015 and is expected to last for 20 years. The current scheme will continue up until the introduction of Flood Re.
What does Flood Re mean?
Overall, the new scheme is good news for homeowners. The availability of affordable flood insurance benefits a lot of homeowners. New research shows that more homes are potentially at flood risk, from flash flooding for example, and not just those living nearby to rivers or the sea. Property insurance which covers flooding is often essential to getting a mortgage so if flood insurance is more difficult to obtain, then this can severely impact the property market.
If you are concerned about flooding when buying a property, BHW Solicitors advise that a Flood Risk search is carried out, providing you with information on the flood risk and insurability of the property.
We have collected a list of the most frequently asked questions. See if your query has been answered before.
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