LV= joins Flood Re to support customers in high risk areas

5 minutes

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With the launch of Flood Re, LV= can continue to provide home insurance cover to existing customers in high risk flood areas at competitive prices.

  • 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 - it allows insurance companies to insure themselves against flooding losses
  • LV= is a member of the scheme 

Flood Re keeps cover affordable for those in high risk areas.

In 2015, thousands of homes across the country were battered by storms and floods. The damage was devastating. 

According to the Association of British Insurers (ABI), during the floods of 2015-16, nearly 10,000 homeowners made claims on their home insurance. Some insurers were forced to increase home insurance premiums and 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. 

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

How does Flood Re work?

  • Customers buy cover from their insurer 
  • There's no special Flood Re insurance policy - the flood risk part of your home insurance policy is simply passed to Flood Re
  • If your home's affected by flood damage, you make a claim through your insurer – 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 passed into Flood Re, and an additional annual £180 million levy on UK home insurers
The ABI estimates around 350,000 homes across the UK meet the eligibility criteria and will benefit from Flood Re, although there is no cap. 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 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'll do the work and how long it will take.

LV= claims team to the rescue

In 2015, when floods hit the town of Kendal in the Lake District, we sent a team of people to help victims. Armed with bottles of water, LV= blankets and thermal mugs, our claims teams visited homes, offering practical advice, booking alternative accommodation and issuing emergency payments.

Our response team of loss adjusters went straight to customers' homes to remove salvageable
contents, and started the assessment process to understand how much we needed to pay out in claims. Some properties already had the contents removed and the dryers in before our response team arrived!

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'll talk you through it.

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

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All content is approved by our in-house advisory board of experts.