Flood-hit homeowners welcome new flood insurance scheme
The government-backed scheme hopes to help those with flood-risk properties get a better deal on home insurance.
People who own flood-hit properties in our region have welcomed a new flood insurance scheme that could save them hundreds of pounds in premiums.
Flood Re has been introduced by the government in a bid to help people with flood-risk homes get a better deal on home insurance.
Previously people who lived within 400m of open water were made to pay high premiums and excesses.
The new scheme could see excess payments capped at £250 and premiums are also expected to drop, as major insurers pay a statuatory levy.
Sue Butler from Brompton suffered flooding to her property in 2000 and has been paying high premiums ever since.
She's seen the impact high costs can have on the local community in her role as Chair of Brompton Flood Action Group.
She said: "
“Having experienced flooding in the past I have seen my insurance premiums and excesses increase to almost prohibitive levels.
"The stress of finding affordable and effective insurance cover is an added stress to people who have been flooded which is why I’m very interested to see how Flood Re changes our ability to shop around and find affordable home insurance policies.
"I welcome this long awaited and much-needed initiative and I hope it will be a positive step towards creating a fair market for those of us who have suffered flooding.”
The scheme has also been welcomed by the National Flood Forum.
Paul Cobbing, Chief Executive of the National Flood Forum said: “Thousands of homeowners and residents currently struggle to get buildings and contents insurance which creates anxiety, stress and frustration.
"It is hoped that Flood Re will be the game changer that enables more people to take out affordable insurance to protect their homes and provide peace of mind.”