Due to recent high profile flood events, insurers have increased the policy excess requirements for those post codes ‘at risk’ of flooding. Some policyholders are finding that their ‘flood’ policy excess is extortionate, even though they’ve never been flooded before. If they have been flooded, the excess for future flooding could be financially crippling.
Some insurers are not willing to take on ‘new’ high flood risk properties, so there is less and less choice available in the market for people wanting to insure against flooding.
Flood Re Government Scheme
Flood Re is a not-for-profit scheme designed to make flood insurance widely affordable and is due Summer 2016. It’s good for residential, but key exclusions are:
Go to www.floodre.co.uk for further details.
Flood Excess Insurance
We can now offer Flood Excess Insurance to pay the excess, if a property does flood:
For commercial properties, there must be no form of co-insurance in place where the insured is liable for any portion of flood damage costs above their commercial policy flood excess.