Flood Re Helps Yorkshire Residents Access More Affordable Home Insurance
In light of the recent flooding in the Yorkshire Dales, Flood Re, the not-for-profit, joint initiative between government and the insurance industry, is today launching a local campaign. It will raise awareness that – thanks to the Scheme – those living in high-flood risk areas can continue to get affordable home insurance.
Flood Re is encouraging residents in and around Yorkshire who live in areas at risk of flooding to shop around to ensure they are getting the best home insurance deal for them and the right cover for their homes.
Independent research has shown that the majority (95%) of householders whose property has flooded previously are able to receive quotes from five or more insurers – compared to 0% before the introduction of the Scheme – and four out of five with previous flood claims have been able to find quotes that are more than 50% cheaper.
Flood Re also recognises that the recent flooding is a reminder of the importance of investing in flood defences, which according to recent research it conducted with Risk Management Solutions (RMS), save the UK an average of £1.1 billion per year.
Andy Bord, Chief Executive of Flood Re, commented: “Flooding has a huge emotional and financial impact on communities, as has been clear from the recent flooding in the Yorkshire Dales.
“Our aim is to ensure those living in areas that are at risk of flooding are still able to access affordable home insurance. Since our launch, we’ve helped over a quarter of a million homes. I encourage those living in areas susceptible to flooding to shop around for the right policy for them.
“The flooding in Yorkshire is a timely reminder of the importance of investing in flood defences, which save the UK £1.1 billion a year, according to our recently commissioned research.”
Flood Re launched in April 2016 as an independent body to make flood insurance for homeowners across the UK more affordable and available. In its first three years of operations, over a quarter of a million households have benefited from a Flood Re backed policy and more than 60 insurers – covering over 90% of the home insurance market – are now using the Scheme.
Head over to www.floodre.co.uk to learn more and see if your home qualifies for Flood Re.