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June 12, 2014

12
Jun
2014
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Flood Re – ironing out the last details

Guest post by Miranda Sharp, Head of Commercial Business, Ordnance Survey

The industry and the Government have been working tirelessly over the past 24 months to agree the replacement for the Statement of Principles that allows affordable flood cover for all. However, now the Water Bill has received Royal Ascent; the real hard work is about to begin on Flood Re as the enabling legislation is in place. The Flood Re scheme will allow owners of flood-prone homes to buy affordable insurance, where annual premiums will be capped and payouts for flood damage will come from a central pool of money. Homeowners will continue to buy home insurance in the normal way through insurers or brokers, but their insurers may choose to include their homes into the scheme.

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The industry, politicians and the media have been discussing some of the exclusions at length, including the Association of British Insurers (ABI) putting a case for the inclusion Council Tax Band H properties. In light of this discussion, Ordnance Survey, in conjunction with POST have commissioned a report find out where concerns with Flood Re lie. The research asked a range of experts across the insurance market along with 120 professionals for their views on Flood Re. Read More