Theresa meets with Flood Re to discuss how scheme will help local people
- Mar 1, 2016
Theresa May has met the Chairman of Flood Re to discuss how the scheme, which will launch in April, will help those living in flood risk areas to access affordable flood insurance. The roundtable event was held to raise awareness of Flood Re in the Thames Valley and to give local flood activists and the community the opportunity to ask questions about the scheme.
Flood Re is a world first scheme, designed to reduce home insurance premiums for over 350,000 homes in flood risk areas. Since 2000, flood insurance has been widely available to households at high risk of flooding due to a series of voluntary agreements between the Government and members of the Association of British Insurers (ABI). These agreements did not cover the affordability of the home insurance provided, however, and so the insurance companies and the Government have been working together to develop a different way of dealing with flood insurance.
An important part of the Flood Re scheme will be to offer help to people to increase their understanding of their level of flood risk and explaining how, where possible, they can take action to reduce that risk.
Speaking after the event Theresa said: “It was useful to meet with Flood Re and hear about how the scheme is set to help local people in the Maidenhead constituency. Some households struggle to access affordable flood insurance and I hope that the situation will improve after Flood Re has launched in April.”
Mark Hoban, Chairman of Flood Re, commented: “Flood Re will be ready to accept policies from 4 April and we are working hard to ensure that as many insurers as possible are able to offer products. Coming to the Thames Valley is important as we want local people to understand how the scheme can help them access affordable flood insurance. People should speak to their current insurer and shop around to ensure they are able to get the best possible deal for their flood insurance.”