In April 2016, a new scheme called Flood Re will be launched to promote the availability and affordability of flood insurance for an estimated 350,000 homeowners across the UK who are at risk of flooding.
Flood Re aims to help homeowners that are prone to flooding to get affordable home insurance.
Insurance companies have been working with the government to develop a new way of dealing with flood insurance. So far, seven major insurers have signed up to Flood Re.
How could Flood Re help me?
Homeowners prone to flooding will have a greater choice of insurance policies and companies at more competitive prices. In turn this will allow time for the government, local authorities, insurers and communities to become better prepared for flooding.
Who is eligible for Flood Re?
The scheme is aimed at households whose home were built before January 2009, have a council tax band and are insured in the name of an individual. Leasehold flats in blocks of four units or more are not included, nor are businesses.