In recent years the UK has experienced severe winter storms, resulting in extensive coastal damage and widespread flooding. Thousands of homes and businesses have been destroyed by these flood waters. Many residents have struggled to find affordable home insurance due to being in a high flood risk area, and were either under insured or had no cover at all.
Now a new insurance industry initiative, backed by the Government launches 4th April 2016. It is designed to help property owners at risk of flooding to source affordable home insurance. It is called Flood Re. HomeProtect are one of the very first insurance providers able to pass on the benefit of Flood Re to their customers.
“We’re really excited by the opportunity that Flood Re provides to be able to offer better quality products to our customers. Flood Re is not only an important change for homeowners, but it’s a momentous change in our industry and another tool in HomeProtect’s arsenal to be able to protect homes in the UK.
We’ve invested significantly to be one of the first to cede policies to the new scheme as soon as it launches. Across the company, departments are getting ready for the change. Our software developers have been working hard for weeks to update the complex calculations behind our online quotes to take the Flood Re portion of households into account, and several ‘Flood Re experts’ have been trained in-house so that we’re prepared to manage all queries. Even ahead of launch, our Marketing team is regularly publishing content to make the terms of the Flood Re scheme more understandable for customers.
Once Flood Re comes into effect in April this year, thousands of homeowners at risk of flooding will be able to source affordable cover. As a business, we are encouraging those in a flood risk area to get a Flood Re quote from us. A new policy could help them to save a significant sum, and give them the vital flood cover that they need without having to wait until renewal. We’re also taking a proactive approach to contacting our existing customers who could benefit from the Flood Re scheme, ahead of their renewals.” Alex Park- Product Manager of HomeProtect