AFTER going live in April with 16 insurance providers, the number of providers signed up to support the national Flood Re scheme has now more than doubled to 36.
Flood Re enables insurers to offer competitive premiums and lower excesses to high-flood-risk homes across the UK. The support of the insurance industry is crucial to its long-term success, and these 36 insurance providers now represent 85 per cent of the overall market.
The Press reported yesterday that York-based Cavere Insurance had launched an affordable flood insurance product backed by Flood Re.
Brendan McCafferty, chief executive of Flood Re, said: “Consumers can check the Flood Re website to see which insurance providers are participating and find out more about the scheme. They should speak to their current insurer and be prepared to shop around as the market is becoming increasingly competitive.
"When buying a policy, people in flood-prone areas should make sure it is the best one for them and not just the cheapest.”
Flood Re does not deal directly with consumers, so homeowners will continue to buy flood cover direct from their insurance providers. This increase in participating providers is good news for those living in high flood risk areas as it should mean more choice.
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