Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has announced that its specialist home insurance practice has signed up to Flood Re’s Build Back Better scheme to reduce the impact of future flooding on its customers by helping to
bolster their properties’ resilience.
For those unaware, Flood Re launched its Build Back Better Scheme in 2022, to help UK homes and areas affected by flooding.
The scheme offers householders the chance to install flood resilience measures up to the value of £10,000 when repairing their properties following a flood claim, over and above the cost of any work needed to repair damage and loss. This allows their home to be better prepared and protected to keep as much water out as possible, if a future event should occur.
According to the announcement, all eligible new and renewing home policies from January 1, 2025, will automatically include all of the benefits of the Build Back Better scheme.
Moreover, customers who are putting adaptation measures in place at the time their home is being repaired for flood damage will be reimbursed for up to £10,000 towards the cost.
It’s worth highlighting that Build Back Better procedures could include carrying out surveys to understand the flood risk and potential mitigation; the addition of the flood resistance measures to prevent water entering the property, such as flood doors, non-return valves, and airbrick covers, and flood resilience measures to help reduce the impact of any water ingress – such as raised electrical sockets, hard flooring, or waterproof tiling and grout.
Jill Moffett, Performance & Product Manager, Household and Personal Lines, Pen Underwriting, commented: “When a home is flooded, the financial impact is only ever part of the story, as we have witnessed so recently with the onslaught of Storm Bert that submerged hundreds of homes so quickly, while thousands were left without power and at least five lives
were tragically lost.
“The emotional impact, upheaval and stress of being flooded can be even more distressing for individuals and families to have to deal with – not least because of the often-long periods required for cleaning up, fully drying out and effectively restoring properties before they can move home safely.”
Adding: “That’s why we’re keen to encourage and incentivise our homeowner customers to take steps to implement adaptation and resilience measures as part of the repair process to ensure that the cost, duration and distress of any future flood event is minimised. Build Back Better is a fantastic way to make this change a reality and we are delighted to become part of the scheme and support our customers in improving their flood resilience, minimising future water ingress and speeding up a return to their homes and normality.”
Stuart Logue, interim CEO at Flood Re, said: “It is great to see the Build Back Better scheme gaining increased traction with the rapidly expanding and increasingly influential specialist MGA sector. Embracing property level flood resilience measures as part of a flood repair can provide peace of mind to householders that their home is better protected against future events and significantly reduce the physical damage and emotional stress associated with any future flooding.
“The news also marks another significant step towards our goal for Build Back Better to become a standard offering in the UK for home insurance policies, increasing the resilience of homes across the UK in the face of climate change and increased flooding.”
