Flood Re, the Government Flood insurance scheme aimed to help flood-prone home owners obtain affordable cover, appears to be pushing some people’s premiums up.
This is thought to be because the scheme – which was several years in development and launched at the beginning of this month – has resulted in more detailed studies of flood risk across the wider population of policyholders.
Where premiums are lower than the level at which Flood Re would become worthwhile, but where there is an even modest risk of flooding, insurers appear to be increasing premiums or declining to quote.
When John Pearson, 82, whose home is near the river Wye in Redbrook, Gloucestershire, went to renew his home insurance policy this year, he was surprised to find that his premium had gone up by over £100.
Thinking that switching might help, he rang around a series of other companies. But all of them quoted him similar or even higher amounts – and some refused to insure him at all.
The insurer is now calling on the government to reform the £5,000 flood resilience grant scheme to help homeowners make ‘proactive improvements’ …
7 Jul 2020
Having experienced two economic recessions during their 40-year history and now the Covid-19 pandemic, Ashbourne Insurance is delighted to have re-opened their …
24 Jun 2020
Resuming business after several months of lockdown can be demanding. What about all the issues and risks that need to be addressed? …
17 Jun 2020