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Voices added to Propertymark’s call for Flood Re to be extended

Tuesday 11 February 2020

Building on Propertymark’s calls for Flood Re to be extended to leasehold property and the private rented sector, Aviva’s chief executive of general insurance Colm Holmes also believes it should be extended to more homes.

Aviva’s chief executive is cited in a report by the Financial Times, calling for the extension of Flood Re’s coverage, which currently does not extend to flats in leasehold blocks containing four or more homes, or properties built since January 2009.

 

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Flood Re should apply to newer houses…They should look at applying it to houses built since 2009.

- COLM HOLMES, Aviva

 

Flood Re currently helps homeowners in high-risk flood areas get affordable home insurance. However, their obligation doesn’t include the private rented sector or the leasehold sector.

It is estimated that around seven million homes are excluded from Flood Re’s insurance obligation, meaning that they don’t benefit from this affordable insurance, despite the risk of flooding.

WHAT PROPERTYMARK IS DOING

In our pre-election manifesto, Propertymark called for the new Government to extend the Flood Reinsurance obligation and is campaigning with other industry organisations to bring about the change. 

Manifesto