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Weathering the storm

Following the Met Office’s recent announcement that the UK is facing a winter that will rival the major storms of 2013, it is worth looking at how the insurance industry and the government are working to protect homebuyers from flood risk

15 December 2015

According to Landmark Information Group, 5.2 million homes are at risk from either surface water flooding or ?river or coastal flooding. ?The consequences of ?flooding are devastating ?for homeowners, and for many this has been compounded ?by insurance premiums skyrocketing or, worse, ?being unable to insure their property against the risk ?of flood. 

However, the insurance industry and the government have been collaborating to address the risks, and much progress has been made. ?Last month, the affordable ?flood insurance scheme ?for residential homes, ?Flood Re, was approved by the government, resulting in the UK floods minister, Rory Stewart, signing regulations to enact Flood Re. The scheme, which is scheduled to come into force ?in April 2016, will ensure that at-risk homeowners across ?the UK are provided with affordable flood insurance. 

The new Flood Re system will impose a fixed premium geared to council tax bands, limit the excess, and cover...

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