Flood Re launches world first ‘Build Back Better’ scheme to help householders after a flood.
On the 20th April, our Founder, Simon Crowther, presented at parliament to MPs and related parties for the launch of the Build Back Better Scheme.
Simon commented on the scheme:
“Build Back Better is a fantastic direction and world first scheme for the insurance industry. In 2007 my family home was flooded. We were out of the house for nine months whilst it was repaired, and there was an insurance claim for £120,000.”
“The experience was incredibly traumatic and has shaped both my life and career. I have made it my mission to help raise awareness of flood risk, and subsequently to reduce that risk.”
“Build Back Better enables the risk of flooding to properties to be reduced, and the impact minimised. Instead of nine months out your home, it could be a few days or even hours. A quick clean, and back to normal. No expense, upheaval, or stress.”
“With the climate changing, more and more properties will be at risk of flooding. It is currently estimated that 1 in 4 homes in the U.K are at risk. It is time to act, time to Build Back Better.”
- There are currently 5.2 million homes and businesses at risk of flooding.
- Build Back Better enables flood victims to repair their homes with flood resilience and resistance measures. The scheme allows people, through participating insurers, to claim up to £10,000 for flood resilience over and above the cost of work to repair damage caused by a flood.
- NFU Mutual, Aviva, Ageas, Lloyds Banking Group and LV= General Insurance will be the first to join the Build Back Better scheme during 2022 and early 2023.
Flood Re, the joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance, today announces the launch of a new proposition, ‘Build Back Better’, designed to ensure homes are more resilient against future flooding.
From April participating home insurers will begin offering customers access to reimbursement costs of up to £10,000, over and above work to repair damage and loss caused by a flood. The funds will pay for the installation of flood resilience measures that will reduce the impact of future flooding helping the United Kingdom to become more resilient to the changing climate, enabling householders to return to their homes sooner following a flood providing vital peace of mind.
Adapting to Growing Flood Risk
Examples of flood resilience measures can include raising electrical sockets and white goods away from floor level, installing self-closing air bricks and flood resistant doors and replacing flooring with waterproof tiling and grout. The reimbursement costs can also include carrying out surveys to understand the flood risk and potential mitigation. Combined with individual action such as moving sentimental items and important documents upstairs when a flood occurs, these changes can help protect householders from the devastating impacts of recurrent flooding and mitigate the financial and emotional consequences.
The introduction of the Build Back Better scheme is a vital step in responding to growing climate- related risks by offering a practical and innovative solution for homeowners and insurers.
Andy Bord, CEO, Flood Re, said: “In the UK, since 1998 we have seen six of the wettest years on record, with 5.2 million homes and businesses at risk of flooding. The trajectory will only continue to worsen without urgent, collective action – there is no time to waste. It is vital we encourage and incentivise adaptation among homeowners.
“The insurance industry has an opportunity to show its innovation and responsiveness to consumer need and to make real, tangible change. But to do so, we must throw the traditional principles of insurance to one side. This means thinking of future resilience and building back better after a flood, rather than simply returning a property to how it was before.”
“It’s hugely encouraging that five insurers have already partnered with us to offer Build Back Better provisions to customers, and I am encouraged that, together with insurers soon to join, we will truly make a difference.”
FPS Environmental Ltd are industry leading surveyors and can assist with Flood Surveys for the Build Back Better scheme, helping to ensure properties are more resilient to flooding.