Following the final green light from the regulators (PRA), the world-first scheme is now accepting policies from insurers.
The launch of the Flood Re scheme is the result of the government working closely with the insurance industry to make affordable flood insurance available to households across the UK.
Cllr Martin Dewdney, lead member for the environment, said: “It is great news that Flood Re is now open for business. It is fantastic step forward - making flood insurance affordable for people regardless of where they live.”
The Flood Re scheme is simple. Customers will buy home insurance as normal but the extra insurance costs associated with a high risk of flooding will be passed on to Flood Re - to be funded by a levy on the insurance industry. Other home insurance customers will not see their bills rise as a result.
Through Flood Re, those living in high risk areas will see their insurance premiums set at affordable levels - according to their council tax band - while the same customers currently face insurance bills totalling thousands of pounds.
Through the Scheme, flood insurance for those at the highest risk of flooding starts at £210 (Council Tax Band A) with the excess charged by Flood Re set at £250.
Full details and information about the scheme are available here: www.floodre.co.uk
Attached is a leaflet on Flood Re
Contact: Debbie Rundle, on behalf of West Somerset Council,01984 635280 or 01823 356407 email email@example.com