Summary
Flood Re is designed to help eligible UK homes access affordable flood insurance, but it is not available for every property. Eligibility depends on criteria including residential use, council tax band, individual insurance arrangements and the property being built before 1 January 2009. The inward reinsurance price charged to insurers varies by council tax band, but the retail premium charged to the customer is still set by the insurer.
Definition
Flood Re is a UK reinsurance scheme that allows participating insurers to pass the flood risk part of eligible home insurance policies to Flood Re. Eligible homes generally need to be in the UK, used for private residential purposes, in a domestic council tax band or equivalent, insured on an individual basis and built before 1 January 2009. Flood Re publishes inward reinsurance prices by council tax band for buildings, contents and combined policies, along with eligibility criteria and exclusions.