Attached below is an informative leaflet on the topic of the ‘Flood Re Scheme’, brought to you by Cherish, one of Kudos’ many reputable insurers who have embraced the Flood Re scheme.
Let’s delve into how Flood Re functions and how it benefits you!
How does Flood Re work?
Flood Re work behind the scenes, taking on the high flood risk elements of your home insurance. It works like this:
- Flood Re collect an annual tax from home insurers who will contribute £180m each year to a fund that we manage centrally.
- We pass on any high flood risk part of your policy to Flood Re, so you don’t have to do a thing.
- Flood Re takes responsibility for the flood risk part of your policy and if you make a valid claim on your insurance Flood Re will reimburse us from the central Flood Re fund.
With this support from Flood Re, we should be able to provide affordable insurance, even on those homes which are most at risk as they no longer have to pay the cost of the flood claim.
Over time, it is estimated that Flood Re will benefit over 350,000 households by providing access to those more affordable policies.
