My property is leasehold, can Flood Re help me?
Leasehold properties may qualify for support from Flood Re as long as they:
- match our definition of a dwelling,
- are insured under the contracted obligations of the leaseholder
It’s unusual for short-term leaseholders to have this obligation. Usually, it’s handled by the owner of the freehold.
However, if the building can’t be covered, insurers can ask still us to cover the flood risk part of a Contents insurance policy or the Contents in a Combined policy, as long as the property qualifies.
How are the premiums set for ceded policies to the scheme?
The Premiums charged by Flood Re to insurers vary by the Council Tax band of the property. Flood claims on the ceded policy come with a fixed excess of £250 per claim. The table below provides details of the 2019/20 inward reinsurance premiums for properties ceded to the Flood Re scheme, which from 1st January 2019 were reduced for the majority of bands:
England & Scotland A B C D E F G H Wales A B C D E F G H I N. Ireland 1 2 3 4 5 6 7 8 Combined 169 169 197 221 265 331 436 1218 Buildings 117 117 131 148 176 231 296 812 Contents 52 52 66 73 89 100 140 406
*Premiums are Net
We are planning on buying a holiday home. We’ve been told it may be difficult to get insurance as it’s in a flood risk area. Will this be included in the Flood Re Scheme?
If the insurance policy is in your name and meets our criteria, then Flood Re should help your holiday home. It has to be in a Council Tax band, built prior to January 2009, and used for residential purposes. The policyholder or their immediate family must live in the home for some or all of the time, or the home must be unoccupied.
Will my caravan be covered under the Flood Re Scheme?
If you have a static caravan and it has a Council Tax band, then your caravan will qualify for Flood Re. But if your caravan is part of a commercial caravan park and let out as a business, it will not be included. Towing caravans are covered either under your motor insurance or a separate caravan policy. They’re excluded from Flood Re.
My home was an office once, will it qualify now?
If there’s evidence the property was built and used as a private residence before 2009, then it may do. Use our Flood Re Tool to learn more.
Will Flood Re cover items that aren’t kept in my property?
No. Flood Re will only reimburse insurers for damage done to contents that were in the property at the time of flooding.
Some policies offer cover for ‘resilient repairs’, will Flood Re handle these?
In some cases yes. If the insurer is signed up to our Build Back Better scheme homeowners may be able to install Property Flood Resilience measures up to the value of £10,000 when repairing their home after a flood.