Newspaper article Manchester Evening News

'Cheaper Insurance' for Flood Risk Homes

Newspaper article Manchester Evening News

'Cheaper Insurance' for Flood Risk Homes

Article excerpt

HOUSEHOLDS in flood-prone areas could see their insurance costs fall from 2019, according to a scheme which helps to make affordable cover more widely available.

The Flood Re scheme has previously announced that it will cut the charges it imposes on insurers from 2019 - which in turn could make cover cheaper for households.

The scheme, which launched in 2016, does not deal directly with households, but works with insurance providers.

When households buy home insurance cover, insurers can choose to pass the flood risk element of the policy to Flood Re for a fixed price.

Insurers will then be reimbursed by the scheme if they need to pay out on a claim.

The scheme said in October that it would reduce the reinsurance premiums it charges to insurers from January 1 2019. …

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