Andrew is raising awareness of the new flood insurance scheme, Flood Re, which launches next week.
Flood Re, which goes live on April 4th 2016, is not a home insurer itself but will work behind the scenes with existing insurance companies so that people who own and live in properties that are most likely to flood can shop around more easily to find policies with more affordable premiums and excesses.
Andrew says, “After a long time, and a lot of work behind the scenes, we are now only one week away until Flood Re officially launches.
“Sadly, our region is one of the most flood-prone areas in the country and I have championed investment in flood defences and measures to mitigate the impact of flooding; including looking at the financial implications of flooding and developing ways to help residents, such as through insurance.
“Those who are currently paying higher premiums at the moment could benefit from Flood Re and the key message is to shop around for the best cover. You can ask your provider about the scheme now or when you’re due for renewal.”
Huw Evans, ABI Director General, said, “Being flooded is devastating, not only because of the immediate damage which is caused to homes and belongings but because fully drying out, repairing and restoring a flooded property can take months or even years. It is important as many people as possible have access to home insurance so they can get the money and expertise they will need if the worst happens.
“Insurers have worked flat out to design and fund Flood Re specifically to address the problem of high home insurance premiums. April 4th marks the start of a process which will re-energise the home insurance market in flood prone areas and help ensure as many people as possible have access to effective, affordable cover for their properties.”
You can find more information on the flood re website: http://www.floodre.co.uk/ or via their brief video guide: https://youtu.be/q25C8IaWxgk
The Association of British Insurers (ABI) is also setting out its top five tips to help homeowners who live in flood risk areas get affordable home insurance: https://www.abi.org.uk/Insurance…/Topics-and-issues/Flood-Re
Photo - Andrew meeting Brendan McCafferty, Chief Executive Officer of Flood Re
