In recent years news reports have shown the utter devastation caused by rivers breaking their banks and waterfront properties wrecked due to insufficient flood defences as the warming of the planet increases.
Unsurprisingly this has led to an increase in the number of flood claims received by insurers. This may have contributed to home insurance price rises and, for homeowners worst affected by floods, could even result in them facing the prospect of prohibitively high home insurance premiums.
According to the Environment Agency, more than five million properties in England alone are at risk of flood, with more warnings in Wales, Scotland and Northern Ireland.
December 2015 was the wettest in a century - it’s estimated that around 16,000 homes were flooded in England alone.
Reports suggest that the cost of the floods in 2015 to homes could total hundreds of millions of pounds if not over a billion pounds.
Flood Re is an agreement between the Government and UK insurers, including Admiral, which allows us to offer more affordable insurance for areas most at risk of flooding.
If your home's at risk, we may be able to save you money. Take a look at Admiral Flood Insurance.
The Flood Re scheme applies to residential properties built before 2009. The scheme does not apply to commercial properties including:
You can find out more by reading the Flood Re's eligibility criteria
There’ll be no change to the way you currently shop for home insurance. If you do need to make a claim, the process you go through remains exactly the same. You’ll still need to inform your insurer of any loss or damage who will then deal with your claim.
The only difference lies at the insurer’s end as it could mean the new scheme may fund some of your flood claim.
Even with flood warnings occurring during winter, we want you to be able to have a sustainable lifestyle; so from the 4th April 2016, Admiral will use the Flood Re scheme to provide more affordable home insurance to homes at risk of flood.
If your property is classed as a high flood risk, you may be paying a lot for your home insurance, but the introduction of Flood Re should make it more affordable.
You don’t have to wait until your renewal to start saving money; you can shop around at any point.
A flooded home is one of the most devastating things you can experience; whatever is left behind by the floodwaters is often un-salvageable.
You should contact your insurer as soon as it's safe to do so and they'll be able to help you with next steps.
For more information on Admiral Home Insurance, we've busted the jargon and broken down what can affect your home insurance price.