• Flood Re was set up to promote the availability and affordability of flood insurance to those who own and live in properties in high flood risk areas 
  • Flood Re is a reinsurance company, which means it enables insurance companies to insure themselves against losses because of flooding
  • LV= is a member of the scheme and we’re committed to supporting our existing customers living in areas at high risk of flooding and dealing with any claims that arise as quickly as possible

At the end of last year, thousands of homes across the country were battered by storms and floods – and reports suggest there may be further flooding expected this winter, which could cause devastating damage to homes in flood risk areas.

According to the Association of British Insurers (ABI), during the floods of 2015-16, nearly 10,000 homeowners made claims on their home insurance. This meant some insurers were forced to increase home insurance premiums, excesses – and in some cases, stop offering cover altogether.

To help homeowners whose properties are likely to be affected by floods, the insurance industry and UK government launched Flood Re, a 'reinsurance scheme', in April 2016. 

This scheme is a way to help people living at risk of flood get access to affordable home insurance.  LV= uses the scheme to be able to continue offering affordable cover to existing customers whose properties are at risk of flooding.

So how does Flood Re work?

  • Customers buy cover from their insurer in the normal way
  • There's no special Flood Re insurance policy; simple the flood risk part of your home insurance policy is passed to Flood Re
  • If your home is affected by flood damage, you make a claim through your insurer like normal – and Flood Re reimburses the insurer for the pay-out from the central Flood Re fund
  • The pool of money to cover claims made on policies which are in the scheme will come from two places – a charge for each policy which is passed into Flood Re, and an additional annual £180 million levy on UK home insurers

The ABI estimates that around 350,000 homes across the UK will benefit from the scheme. LV= will use the scheme for our existing customers to ensure we can continue to provide cover at our most competitive price.

Insured with LV=? Let us know if your home is damaged by flooding

If bad weather strikes and your home is flooded, we'll do everything we can to help you as quickly as possible. If we know an area is likely to be affected by floods, we'll try and contact you first. If we haven't called you and you need to make a claim, please contact us as soon as you can. 

Once we know you're safe, we'll let you know what happens next. We may send a loss adjuster to assess the damage; they'll be able to provide you with an approximate timetable outlining what needs to be done to restore your home, who will do it and how long it will take.

LV= claims team to the rescue

Last year, when floods hit the town of Kendal in the Lake District, we sent a team of people to help flood victims. Armed with bottles of water, LV= blankets and thermal mugs, our claims teams visited homes, offering practical advice (to both LV= and non-LV= customers), booking alternative accommodation and issuing emergency payments.

Our response team of loss adjustors went straight to customers' homes to remove contents that were salvageable and started the assessment process to understand how much we needed to pay out in claims - some properties had already had the contents removed and the dryers in before our response team even arrived!

"Caught up in the floods on Saturday, excellent response...and feel sure everything will be sorted" Brenda Horsley, one of our home insurance customers.  

As standard, LV= always contacts customers in flood-affected areas during times like this, including those who haven't phoned to make a claim, to make sure they feel supported.  

Find out more

For more information about the Flood Re scheme, visit the website or give us a call and we can talk you through it.

You can also find out further information on how to minimise the impact of flooding on your property or what to do if your home is flooded on  the LV= website.