An initial agreement between Government and the Association of British Insurers was announced late last month.

The scheme, called Flood Re, aims to ensure that people living in areas most prone to floods will be able to access affordable flood insurance.

Insurance cover is usually included in standard buildings and contents insurances – a necessary requirement of most mortgage providers in the UK – but households in flood risk areas are more likely than ever to be charged a premium that reflects their risk of making a claim.

DEFRA advise that in the long-term, managing the risk of flooding will always be the best way of securing available and affordable flood insurance. If you live in an area that is at risk of flooding, preventative measures can be put in place. For more information click here.

In the UK around 5 million homes are at risk of flooding as well as over 300,000 commercial buildings. Contact us today on 0800 055 6966 to find out how to reduce the risk for your property.

Currently under consultation, the new scheme has a number of aspects that need to be agreed with Parliament, the industry and the European Commission. To find out more about the scheme and how to voice your views, click here.