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MP backs flood insurance scheme

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By Fiona Reid
Dumfries and West

AN MP is urging people locally to find out more about a Government backed reinsurance scheme.

Flood Re has been set up by the Government and the insurance industry to allow for affordable cover for homeowners whose properties are at risk of flooding.
It was launched last month with the aim of ensuring that insurance remains affordable for people who have previously experienced flooding or for those who live in a high flood risk area.
Homeowners and businesses affected by flooding will be able to make a claim through their insurers as usual, and the insurers will then recoup their costs from Flood Re.
Commenting on the scheme, Dumfries and Galloway MP Richard Arkless said: “Unfortunately, large scale flood events are an increasing problem throughout Dumfries and Galloway. Following the devastation caused by flooding last Christmas, I have spoken to many homeowners and businesses who have been hit by increased insurance premiums. Others have had impossible excesses imposed, up to £15,000 in some cases. This new re-insurance scheme should help to lay some of those fears to rest.”
He added: “Flood Re is a not-for-profit flood fund, owned and managed by the insurance industry. The introduction of Flood Re means homeowners and business owners will have some peace of mind knowing that even after a flood claim, it will still be possible to find insurance with affordable premiums and excesses.”
The scheme will be in place for 25 years.
Mr Arkless said: “It is very important for residents of Dumfries and Galloway to be as prepared as they possibly can against future flooding events.”

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