Flood Re

If you own a Holiday Home in an area which is deemed to be a high flood risk, or you have been unlucky to have experienced a flood at your holiday home in the past, then you will probably have experienced problems getting insurance cover to include flood cover, or if you have, was it at a reasonable price?

To combat homeowners not being able to obtain flood cover, or at a reasonable price to help homeowners whose properties may be susceptible to be affected by floods, the insurance industry and the UK Government launched Flood Re, a ‘reinsurance scheme’, in April 2016.

This scheme is a way to help people living at risk of flood get access to affordable home insurance. My Holiday Home’s insurer Canopius, (one of the largest Lloyd’s Of London Underwriters) uses the scheme to offer affordable cover to holiday home customers whose properties are at risk of flooding. (Subject to meeting Flood Re’s requirements).

How does Flood Re work?

When it comes to choosing your Holiday Home Insurer, as long as their insurer has signed up to the scheme, nothing changes.

You buy your policy in exactly the same way and you’ll continue to be set a premium based on the details you give.

If you’re the owner of a holiday home and your property is in a location that may be at risk of flooding, then your holiday home insurance that covers you against flood damage may be passed to the Flood Re Scheme.

All of this will happen automatically, if you opt for this cover. You don’t need to do anything and we’ll confirm if this applies to you in your policy schedule.

This also means that if you previously had a flood excess on your holiday home insurance policy, we’ll be able to replace this with a standard policy excess. So you aren’t expected to cover any extra cost if your holiday home is damaged by flooding.

Need More information about Flood Re?

Although you are not required to do anything to access Flood Re, you can visit the Flood Re website to find out specific information on the scheme. www.floodre.co.uk