Householders in Wales who have struggled to find affordable flood insurance now have more choice thanks to Flood Re
Householders in Wales who have struggled to find affordable flood insurance now have more choice thanks to Flood Re
Following several flood warnings and alerts across Wales in the past few days Flood Re has a simple message for householders who have struggled to find affordable cover in the past; shop around now for the best policy.
Before Flood Re launched in April this year those people in flood risk areas had very limited options and often the cover they could buy was very expensive. Flood Re has changed the market. Householders in Wales can now get quotes from a number of insurance providers even if they have been flooded before or they live in a high flood risk area.
With Natural Resources Wales issuing several flood warnings this week, Brendan McCafferty, CEO Flood Re, said:
“Flood Re has already taken on over 53,000 policies since launch. The scheme is changing the market for householders in flood risk areas who are shopping for insurance.
“With recent flood warnings in Wales and potential flooding during the winter period ahead we would urge people to shop around if they’ve struggled to get cover in the past. They can do so safe in the knowledge that even if they flood this winter they will still be able to get find affordable insurance afterwards thanks to Flood Re.
“Householders can check the Flood Re website (www.floodre.co.uk/homeowner/find-an-insurer/) for a list of insurers offering Flood Re backed policies. People will buy their policy and make claims in the same way they always have.”
Flood Re is a world first scheme which was established through an Act of Parliament to improve the availability and affordability of flood insurance.
It takes on the flood risk for any policy that an insurer cedes to it. This enables insurance providers to compete for business in areas of high flood risk. This means more insurance products and choice for people across Wales, and the rest of the UK.
Since its launch in April 2016, 43 insurance providers have signed up to the scheme, representing 90% of the overall market.