Flood Re reveals numbers of households in Birmingham benefitting from cheaper home insurance
Flood Re, the not-for-profit, joint initiative created by the Government and the insurance industry, has today released data for the first time on the number of homeowners benefitting from the Scheme in flood-prone areas across the UK.
The Flood Re Scheme helps reduce the cost of home insurance in high flood risk areas. In Birmingham, 3,049 households are currently benefitting from accessible and affordable home insurance. Since the scheme was set up, over a quarter of a million homes across the UK have benefitted from the Scheme.
Independent research has shown that the majority (93%) 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.
Yesterday, the National Flood Forum launched a new Flood Risk Communities’ Charter at Flood Re’s Parliamentary event. The Charter contains a list of recommendations to ensure that communities feel safe in the face of the increasing threat of flooding due to climate change.
The Parliamentary event was attended by more than 100 people including politicians, key industry figures and members of local flooding community groups.
Andy Bord, Chief Executive of Flood Re, said: “Flooding devastates communities across the UK and is only set to get worse due to climate change.
“The recent very wet weather is a reminder that Flood Re continues to ensure that affordable home insurance is available to that those families living in high flood risk areas. Householders in Birmingham should shop around to ensure they are getting the best home insurance deal for them and the right cover for their homes.”
Paul Cobbing, Chief Executive of National Flood Forum, said: “We travelled across Great Britain to speak to people exposed to flooding and have used this valuable insight to form our Charter.
“Climate change means that it is vital that communities are ready and protected.
“This Charter will raise awareness of the issues that those affected by flooding face and encourage further action to be taken to ensure their lives are not dominated by the fear of flooding.”