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Flood Re

Being based in York makes us only too aware of the impact flooding has on homeowners and their lives. Which is why Cavere were keen to be one of the first to provide a product for brokers to offer their clients when it launched in April 2016.

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Working with our underwriting partners we can now offer home insurance to customers in flood areas utilizing the new Flood Re scheme.

The facility has been built into our magenta platform so there is no change to how you obtain a quote but rather than decline for flood it will now seamlessly cede the risk in the background and provide a price for the risk. (*subject to meeting the Flood Re eligibility criteria).

About Flood Re

In recent years, we’ve all seen how devastating a flood can be. Not only as the waters rise but afterwards too, as people struggle to find affordable insurance for homes.

That’s why the Government has been working more closely with insurers in the UK, delivering a new way of dealing with and offering flood cover on home insurance through a not-for-profit scheme that’s funded by insurers.

Flood Re will be in place until 2039 and will:

  • Enable homeowners to find affordable insurance if an eligible property is at risk of flooding
  • Help tenants to find affordable contents insurance if you live in an eligible property
  • Help local authorities and communities across the UK to be better prepared for flooding
  • Create a ‘level playing field’ for UK insurers, which means they can still offer homeowners an affordable range of appropriate policies to those homes at risk of flooding.

*Who is eligible for Flood Re?

Properties will be eligible only if they meet all of the following criteria:

1. The insurance contract must be held in the name of, or on trust for, one or more individuals or by the personal representative of an individual;

2. Have a domestic Council Tax band A to H (or equivalent);

3. Used for residential purposes;

4. Have an individual premium;

5. The holder of the policy, or their immediate family, must live in the dwelling for some or all of the time (whether or not with others) or the dwelling must be unoccupied;

6. Built before 1st January 2009 (if a building is demolished, built pre 1st January 2009, and rebuilt, the new property is still eligible);

7. Located within the UK comprising England, Wales, Scotland and Northern Ireland (excluding the Isle of Man and the Channel Islands).