To ask the Secretary of State for Environment, Food and Rural Affairs, what estimate the Government has made of the increase in building and contents insurance premiums as a result of the increase in claims for flood damage; and what assessment he has made of the value for money to customers of those increases.
The Government has not made estimates of increased premiums. Insurance companies are private businesses that take into account a range of factors when setting their premiums and excess in household insurance policies.
Flood Re was launched in April 2016 and is designed to improve the availability and affordability of household insurance policies for people living in high flood risk areas.
The premiums under Flood Re are set in legislation and vary by the council tax band of the property and have a fixed excess per claim. In January 2019 these were reduced for the majority of council tax bands.