Floods: Insurance
The question
To ask the Secretary of State for Environment, Food and Rural Affairs, if he will make an assessment of the potential merits of making it mandatory for insurers participating in the Flood Re scheme to provide insurance to properties at risk of flooding.
Answered by Emma Hardy
Flood Re is a joint government and industry flood reinsurance scheme established specifically to help UK households at high risk of flooding to access affordable insurance through their insurance provider. In 2023/24, Flood Re provided cover for over 280,000 household policies, and report that 99% of householders at high risk of flooding can now obtain quotes from 15 or more insurers.
All insurance companies providing home insurance policies in the UK are required to pay the Flood Re Levy irrelevant of whether they cede policies to Flood Re or not. It is for individual companies to decide the policies they offer, and when to cede a policy to Flood Re.
Householders are encouraged to always shop around for the most suitable policy for their needs, including flood cover. For anyone struggling to find appropriate insurance we advise them to look at BIBA’s Flood Insurance Directory, which can be accessed online via www.biba.org.uk/find-insurance. Alternatively, BIBA’s Find an insurance service can be contacted on 0370 950 1790, Monday to Friday between 9:00am and 5:30pm. Consumers must ensure the cover they choose provides appropriate cover for their circumstances.
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