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Brokers embrace Build Back Better and Property Flood Resilience

December 13, 2024

Understanding Property Flood Resilience (PFR) and Build Back Better are high on broker’s agendas according to feedback from the almost 800 brokers attending BIBA’s recent Tour of the Regions this autumn.  Brokers in attendance also expressed interest in the potential benefits that the development of Flood Performance Certificates could bring, and how they might evolve and develop in the future.

The broking trade body’s annual roadshows, held across England, Scotland, Wales and Northern Ireland highlighted brokers’ increasing appetite for knowledge around Flood Re and its initiatives designed to reduce the impact of flooding on policyholders. Last winter alone saw 12 named storms, most notably Babet and Henk, which caused more than 4,000 properties across the UK to flood.  

In the sessions run by Flood Re, brokers’ questions centred around the workings of the Flood Re scheme, the Build Back Better (BBB) initiative, the proposed introduction of FPCs and how to improve resilience both inside and outside of properties. Brokers also called on the insurance market to close the information gap on e-traded household policies with the inclusion of more details about Flood Re and BBB within insurers’ online policies accessed via the main software houses.

In response to the feedback and recent changes to the scheme, Flood Re is developing a series of new learning and educational materials for brokers – and the wider insurance market – which are pencilled in for launch in the New Year.

The BBB scheme was launched in July 2022 to help reduce the cost and impact of future floods by including PFR measures as part of flood repairs. BBB offers householders, if they are covered by their household insurance policy, the chance to install PFR measures up to the value of £10,000 when repairing their properties after a flood. 

Flood Re is also supporting the drive to create and introduce FPCs – akin to Energy Performance Certificates. These would give householders a formal assessment of their property’s resilience to flood and detail the measures they can take to improve it. 

Flood Re believes that FPCs have huge potential to accelerate the uptake of PFR measures, improve the resilience of the country’s housing stock and help ensure flood insurance remains accessible and available for households. It is Flood Re’s view that FPCs would also enable the benefit of adaptations to be reflected in house prices and insurance premiums in the future.

Kelly Ostler-Coyle, head of communications and stakeholder relations, Flood Re, commented:

We were delighted to see such a strong interest from brokers about Flood Re and our recent initiatives, with the issue of flooding being brought into sharp relief again this month following storms Bert and Darragh. We know that education around PFR in particular is critical for the success of the Build Back Better scheme, which has a major role to play in helping improve resilience to future flooding and we will be using the feedback to develop new targeted education and communication materials for the insurance market.”

Graeme Trudgill, CEO, BIBA, added:

“It was great to have Flood Re join us on our annual tour of the regions, and it was clear that our members are increasingly interested in helping their clients address issues around flood and how to help mitigate its impact. BIBA for its part will also continue to promote the benefits of flood resilience, and in particular Build Back Better, in the coming year, the issue remaining one of our key manifesto commitments.”

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