To ask the Secretary of State for Environment, Food and Rural Affairs what steps he is taking to ensure the affordability of flood insurance and prevent premiums from rising disproportionately until the Flood Re scheme has come into force.
The proposed approach, known as Flood Re, would effectively limit the amount that most UK households should have to pay for flood insurance to ensure that people can continue to access affordable home insurance. The necessary legislation is in the process of being taken forward through the Water Bill and insurers have agreed to continue to abide by their commitments under the 2008 Statement of Principles until this has passed through Parliament and Flood Re is set up.
We have published a guide that provides advice on how to obtain affordable cover. We recommend that anyone finding it difficult to obtain insurance should use a broker and shop around to make sure they get the best price for their insurance. There are a range of organisations that can provide help and advice, such as the British Insurance Brokers' Association and the National Flood Forum.