What is Flood Re and how does it affect your home insurance?

Flood Re works in the background of home insurance. You never buy from it, but if your home is at high risk of flooding it may be the reason you can get cover at all.

What Flood Re is

Flood Re is a joint initiative between the Government and insurers. It's a reinsurer: an insurer for insurers.

• How it works. When you buy home insurance, your insurer can choose to pass the flood part of your policy to Flood Re for a fixed price.
• Who pays for it. Every insurer that offers home insurance in the UK has to pay into the scheme.
• You don't deal with it directly. Flood Re says it handles risks through insurers and doesn't work directly with householders.

What it means for your premium and excess

• Flood Re charges your insurer by council tax band. The price it charges the insurer for the flood risk is fixed and based on your home's council tax band. That's what the insurer pays Flood Re, not what you pay.
• Your insurer still sets your price. Flood Re says prices, excesses and terms are set by insurers, not by Flood Re.
• Excess. Flood Re applies a fixed excess of £250 to flood claims on the policies passed to it. That's the excess between Flood Re and your insurer. The excess on your own policy is set by your insurer, so check your documents.

We can't tell you what you'll pay, or whether any insurer will offer you cover.

Which homes are covered

Flood Re lists its eligibility criteria. Among them, a home must:

• have been built before 1 January 2009
• have a domestic council tax band (or the equivalent)
• be used for private, residential purposes

Flood Re lists the kinds of property it doesn't expect to qualify, including blocks of more than three flats.

Finding insurance if your home is at risk

1. Ask your insurer or a broker. Flood Re says your insurer will tell you if your property needs a policy that covers high flood risk.
2. Use Flood Re's eligibility tool, then shop around. Flood Re's find an insurer page lists insurers involved in the scheme, and says to shop around for the right cover for your situation.
3. Try a specialist broker. The BIBA and ABI Flood Insurance Directory points people to specialist providers who may be able to help.
4. Be honest about past floods. MoneyHelper says to tell your insurer if your home has a history of flooding, even if they don't ask.

Build Back Better

If you claim for flood damage, some insurers offer Flood Re's Build Back Better, which can pay towards flood protection as part of the repairs, up to £10,000. Each insurer sets its own limit. See Build Back Better explained.

When Flood Re ends

Flood Re will end in 2039, and household flood insurance will move to prices that reflect each home's actual risk. We can't say what that will mean for your premium.

FAQs

Can I buy a Flood Re policy?

No. You buy from an insurer, which decides whether to pass the flood risk to Flood Re.

My home was built recently. What can I do?

Flood Re doesn't cover homes built from 1 January 2009. A specialist broker may still be able to help: the BIBA and ABI directory has a route for homes outside Flood Re.

Does Flood Re cover tenants?

Tenants usually only insure their contents. Flood Re's eligibility criteria set out which policies and properties qualify, so ask your insurer.