Although the process you take when shopping around for home insurance has not changes since Flood Re came into effect, there are limitations when it comes to eligibility.
So that affordable flood insurance is available to those who really need it, such as the worst hit areas in Cumbria, several criteria have been laid out. See the Flood Re guidelines and Flood Re exclusions below:
Who is eligible for Flood Re?
- Properties must be located within the UK mainland.
- Properties must have a Council Tax band A to H.
- Properties must be built before 1st January 2009. Note: If a property has been demolished and rebuilt before this date, then the new building is still eligible for Flood Re.
- Properties must be used for residential purposes.
- Properties must have an individual premium.
- Leasehold flats with three or less fewer units are eligible.
- The policy holder or their immediate family must live in the home for some or all of the time, or the property must be unoccupied.
- The insurance contract must be in the name of one or more individuals, not companies.
Who is not eligible for Flood Re?
- Bed and breakfast premises that are paying business rates.
- Contingent buildings policies, such as those held by banks.
- Farm outbuildings.
- Freeholders/leaseholders deriving commercial income by insuring large numbers of properties for a portfolio.
- Housing association’s residential properties.
- Multi-use properties under commercial or private ownership.
- Residential ‘buy to let’ properties that do not meet the criteria specified above.
- Static caravan site owners when they are being used for commercial gain.
- In the case of blocks of residential flats, company houses/flats, and social housing contents only can be covered.
Where can I buy Flood Re insurance?
The good news is that the actual transfer of the flood risk element of your policy to Flood Re is done in the background by your insurer. When it comes to working out your eligibility for the scheme, HomeProtect will calculate this for you automatically.
We want to make this process as hassle-free as possible, so we’ll return an individual quote that is specific to your property and we will identify whether you are eligible for Flood Re in a matter of minutes. When the scheme launches in April, simply visit our website to take out a quote.