Flooding across parts of the UK over the last few years has left many homeowners struggling to secure affordable flood insurance or facing astronomical premiums. Climate change-induced extreme weather events are leading to more frequent and severe floods, and with the upward trajectory firmly in place, incidents of flooding and other weather-related property damage will only increase.
So What’s the Answer?
The Flood Re: Build Back Better scheme emerges as a beacon of hope for homeowners
and communities affected by flood disasters in the United Kingdom. This innovative programme was created to address the growing concern of flood risk and its impact on insurance accessibility, property values, and community resilience. Vitally, the scheme ensures that individuals and communities could rebuild their lives, properties, and neighbourhoods more resiliently after flood incidents.
Who Is It For?
The scheme primarily supports homeowners in high-risk flood areas across the UK who may have experienced previous flooding or are in flood-prone regions. The scheme aims to provide accessible flood insurance to this vulnerable group, enabling them to safeguard their homes and investments while also fostering community resilience.
How It Works and Why It Matters to Insurance Brokers
It Pools Risk…
- The scheme pools the flood risk of eligible properties.
- Insurance companies pay into a fund and receive a cap on their financial exposure for flood-related claims.
- This incentivises insurers to offer flood coverage at more reasonable rates to homeowners.
It Makes Premiums Affordable
Homeowners in high-risk areas can purchase flood insurance from participating insurers at more affordable premiums, which ensures flood coverage remains accessible – in regions prone to repeated flooding.
Flood Resilience Support
Extending beyond insurance, the scheme supports homeowners to improve the resilience of their properties through flood mitigation measures, such as flood barriers, raised foundations, and improved drainage systems.
Community Resilience
When neighbours work together to mitigate flood risks, flood-prone communities become more resilient.
The Flood Re: Build Back Better scheme is a proactive movement towards mitigating the impact of climate change-induced flooding. By providing affordable flood insurance and supporting homeowners in improving the resilience of their properties, the Flood Re: Build Back Better initiative is a crucial step towards creating a more resilient and sustainable future for those living in flood-prone areas in the UK.
Could your clients benefit from The Flood Re: Build Back Better scheme? Contact us today on 01254 665 333 to find out more