Flood Re, launched in 2016, is a joint initiative between Government and industry designed to improve the availability and affordability of flood insurance for households at high risk of flooding.
Flood Re allows insurance companies to pass on the flood risk element of household insurance policies to them for a below market rate set premium. Premiums charged by Flood Re to insurers are based on the Council Tax band of the property. This means that people on universal credit who live in flood risk areas will benefit from Flood Re. From May 2019, 99% of households with prior flood claims can now receive quotes from 5 or more insurers due to Flood Re. Four out of five householders with a prior flood claim saw price reductions of over 50%.