Flood Re has launched a new scheme in collaboration with the UK government called ‘Build Back Better’ to help those homes and areas affected by flooding.
Also participating in the scheme will be Ageas, Aviva, NFU Mutual, Lloyds Banking Group, and LV= General Insurance.
Under its auspices, participating home insurers will begin offering customers access to reimbursement costs of up to £10,000, over and above work to repair damage and loss caused by a flood. The funds will pay for the installation of flood resilience measures that will reduce the impact of future flooding.
Andy Bord, CEO of Flood Re, said: “In the UK, since 1998 we have seen six of the wettest years on record, with 5.2m homes and businesses at risk of flooding. The trajectory will only continue to worsen without urgent, collective action – there is no time to waste. It is vital we encourage and incentivise adaptation among homeowners.”
Examples of flood resilience measures can include raising electrical sockets and white goods away from floor level, installing self-closing air bricks and flood resistant doors and replacing flooring with waterproof tiling and grout. The reimbursement costs can also include carrying out surveys to understand the flood risk and potential mitigation.
Bord added: “The insurance industry has an opportunity to show its innovation and responsiveness to consumer need and to make real, tangible change. But to do so, we must throw the traditional principles of insurance to one side. This means thinking of future resilience and building back better after a flood, rather than simply returning a property to how it was before.”
This latest announcement comes just under a year after Flood Re said that the industry needed to do more to help ensure flood resilience across the UK before 2039.