[T]wo years on from the devastating flooding that hit the UK in 2015, Flood Re, the Government and industry backed national flood reinsurance scheme, that launched last year, is helping UK householders achieve affordable home insurance.
Flood Re is a world first scheme that was set up to increase the availability of affordable home insurance premiums and excess levels for householders in flood risk areas. It sits behind the policies that insurers issue which enables them to compete for business in areas of high flood risk. This means more insurance products and choice for people across the UK.
5,200 homes in Lancashire and Cumbria were flooded, with 61,000 homes in Lancaster losing power as a substation fell victim to flood waters on 5th December. There was also huge disruption to transport as major roads in Scotland and the North of England were flooded and part of the West Coast Main Line running between Preston and Carlisle was shut after a landslide.
Storm Desmond broke the UK’s 24-hour rainfall record, with over 340mm of rain falling on 5th December in Cumbria’s Honister Pass. Futher north, the Scottish border town of Hawick flooded, leading to the evacuation of 1,000 people, and a major emergency was declared in Dumfries and Galloway as the River Nith overflowed, flooding part of Dumfries.
Andy Bord, Chief Executive of Flood Re, commented: “It’s important to us that people across the UK understand how the scheme can help them more easily access affordable flood insurance. They should speak to their current insurer to see if it has signed up to Flood Re and shop around to ensure they are able to get the best possible deal.
“We’ve seen from Storm Desmond how flooding can cause destruction and distress and are proud that thousands of people have benefitted from the scheme since its launch in April 2016.”