Floods
With Flood Re in operation for nearly a year, homeowners in
flood-risk areas have been provided with some comfort. However,
Flood Re does not come without its issues – although it is
designed to cover properties in high risk areas of flooding, some
properties are excluded, such as certain commercial properties;
apartments in blocks of 4 or more properties; buildings split into
3 properties where the freeholder is not resident; buy-to-Let
properties; and properties in high-risk areas built after 1 January
2009. This excludes a vast number of properties based on their
ownership rather than on the physical risk of flooding. In December
2016, the British Insurance Brokers' Association (BIBA)
announced an insurance scheme that will include flood cover for
many commercial premises and let properties in flood risk areas
that are ineligible for Flood Re. However, it should be noted that
the product is exclusively for BIBA members.
