Public Consultation by DEFRA: Flood Reinsurance Scheme

If your home or business is at risk of flooding, this Consultation is relevant to you.  This consultation ends on Tuesday 16th September.

The UK Government announced in June 2013 that it was taking forward the Flood Reinsurance Scheme (Flood Re) as the preferred approach to addressing the availability and affordability of flood insurance.

The Flood Re Scheme will ensure that domestic property insurance continues to be widely available and affordable in areas of flood risk without placing unsustainable costs on wider policyholders or the taxpayer. Flood Re will provide transitional support to households at flood risk over a 25 year period as part of a gradual transition towards more risk-reflective prices; this will provide time for choices to be made and risk management action to be taken. Further information on Flood Re is provided in the Short Guide to Flood Re in an Annex of the Consultation Document.

Please see the following links for further information:

Letter from Defra 22/8/14

Link to consultation:

https://consult.defra.gov.uk/flooding/floodreinsurancescheme/

Announcement on GOV.UK:

https://www.gov.uk/government/consultations/flood-insurance-regulations-for-the-flood-reinsurance-scheme