Residents in flood-prone areas may be entitled to lower insurance premiums if they install protective measures in their homes.
Ministers today are launching a consultation on plans for home residents to claim discounts if they make changes, such as installing storm surge barriers, airstone covers and flood-resistant coatings.
Environment Secretary George Eustice said: ‘I am determined to increase support for people who are hit by floods again and again. These plans are intended to provide households in flood areas with additional support to protect their property.’
Flood Minister Rebecca Pow said the proposals would give residents “more help to rebuild better and reduce risk in the future”.
Residents in flood-prone areas may be entitled to lower insurance premiums if they install protective measures in their homes (File image)
The consultation concerns changes to the Flood Re scheme, a joint industry and government initiative. This aims to reduce insurance costs by relaying the flood risk element to specialists Flood Re and charging a fixed premium to households based on municipal tax brackets.
Another measure under consideration is cutting Flood Re’s cheapest subsidized home contents insurance premium from £52, as a study commissioned by ministers suggests this could be too much for low-income households.
Discounted insurance premiums could be available if homeowners put in place measures such as flood barriers, airstone covers and flood-resistant coatings for their homes.
The government has also published a Call for Evidence to look at changes to flood financing formulas to benefit frequently flooded communities, and ways to increase the use of property flood resilience measures to improve homes and businesses. protected.
In total, there have been at least 23,000 government-funded installations of real estate flood resilience measures since 2009.
Additional measures are being considered to also reduce Flood Re’s cheapest subsidized home contents insurance premium (£52), as shown by a review of insurance commissioned by the government showing that it may still be too high for low-income households. incomes.