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Flood Re – the facts

For all of you homeowners out there that has heard the term ‘Flood Re’ but not really sure what it’s all about , whether you’re eligible and whether it will have an impact on your premium, here are the facts.

Flood Re has been set up to help households who live in flood risk areas find affordable home insurance.  The scheme has been put in place until 2039 and is managed and owned by the insurance industry and directly accountable to parliament.  This is a non-profit re insurance fund aimed at protecting 350,000 most at risk properties. flooding in luxurious kitchen interior. 3d creative concept

Who’s eligible?

  • Home owners with a property in a council tax banding from A-H
  • Properties built before 1/1/2009
  • Residential properties only
  • Holiday homes provided they are taken out in your own name and used solely by you or your immediate family.

What’s excluded?

  • Any commercial properties or private residences registered in company names
  • Properties built after 1/1/2009
  • All let properties
  • Fine art exceeding £25,000

Will it impact on my premium if I don’t live in a flood area?

Clare CarbyHeadShotAs all insurers are contributing to the fund, regardless of whether or not they choose to join the scheme, there is likely to be a small increase in your premiums of approximately 3% at renewal.

At ProAktive we would be happy to provide you with a quotation for your household insurance to include flood cover.

Please contact the Private Client team on 01302 341344.

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