Insurance boost for families in flood-prone areas as they could get lower premiums if they install protective measures
- Residents in flood-prone areas may be entitled to lower insurance premiums
- Plans for householders to claim discounts with floor barriers or air brick covers
- Aim to give households in flood-hit areas additional support to protect property
Residents in flood-prone areas may be entitled to lower insurance premiums if they install protective measures in their homes.
Today ministers are launching a consultation into plans for householders to claim discounts if they make changes such as putting in flood barriers, air brick covers and flood-resistant coatings.
Environment Secretary George Eustice said: ‘I am determined to get more support to people hit time and again by floods. These plans aim to give households in flood-hit areas additional support to protect their properties.’
Floods minister Rebecca Pow said the proposals would give residents ‘more help to build back better and reduce the risk in the future’.
Residents in flood-prone areas may be entitled to lower insurance premiums if they install protective measures in their homes (File image)
The consultation covers changes to the Flood Re scheme, a joint industry-government initiative. This aims to cut insurance costs by passing the flood-risk element to specialists Flood Re and charging a set premium to households based on council tax bands.
Another measure being considered is cutting the cheapest subsidised premium for contents insurance provided by Flood Re from £52 as a review commissioned by ministers suggests this could be too much for households on low incomes.
Discounted insurance premiums could be available if householders put into place measures such as flood barriers, air brick covers, and flood resistant coatings to their homes.
The government has also published a Call for Evidence to look at changes to the flood funding formula to benefit frequently flooded communities, and ways to increase the up-take of property flood resilience measures so that homes and businesses are better protected.
In total there have been at least 23,000 publicly funded installations of property flood resilience measures since 2009.
Additional measures being considered also reducing the cheapest subsidised premium for contents insurance provided for by Flood Re (£52), as evidence from a review of insurance, commissioned by the government, suggest these could still be too high for households on low incomes.