Great news for people who live in areas that have, or are likely to flood – you could save up to £112 on your home insurance. Has your insurer passed on this saving?
Could you be saving more on your home insurance?
Flood Re, a government-backed insurance scheme recently reduced its fee charged to insurers to reinsure risks associated with flooding. This could see homeowners with combined home and buildings insurance save up to £112 per year if insurers pass this saving on.
It could also see more insurers start to include flood cover as an option in their home insurance policies. This essentially gives more options for consumers, and more competition between insurers. This should increase the chances of premiums reducing.
How Flood Re works
According to Flood Re, more than 200,000 properties at risk of flooding have benefitted from the scheme since it was launched.
Flood Re provides a financial back up to insurers who provide flood risk cover to homeowners. It is not an insurer itself, but a reinsurer – which means that it works behind the scenes to give support to existing insurance companies.
If you own a property that is at risk of flooding, you will likely have already heard of Flood Re. However, if you are unsure if your home insurance is eligible under the Flood Re scheme, here are a few tips.
- Ask your broker or insurer if your property is covered
- Check the flood risk maps for England, Wales and Scotland
- You will own and live in the property
- Your property is not eligible if it was built after 1st January 2009
How can you benefit?
You don’t have to do anything to claim a discount on your premium – your broker and insurer should automatically find you the best price that they can. However, as always, it pays to shop around at your next renewal instead of just accepting your revised quote. You could also try and talk to your current insurance company to find out if they can reduce your premium based on this Flood Re saving.
If you are someone who lives in a flood prone zone and up until now, you have not purchased flood insurance as part of your home cover, now is the perfect chance to review your options and protect yourself.
Let’s deal with the flood risk at your property
If you own or live in a property that is at risk of surface water flooding, or flooding from rivers and the sea, it helps to have a little guidance on what to do if the worst happens.
Read our handy advice on dealing with property and flood risk.
Choose the best home insurance for you
If you are a medical or dental professional living in a flood prone area, or perhaps you are a landlord who needs buildings insurance for a property in a flood zone, contact All Med Pro today to see how we can help you get the best cover at the best price.