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Customers really worry about flooding, and so the industry wants to continue to provide the reassurance that home insurance provides.

Mary Dhonau OBE, chief executive of the Know Your Flood Risk campaign, interviewed Aidan Kerr, Flood Re’s Director of Operations, to get to grips with Flood Re and fully understand how the highly anticipated insurance scheme is set to benefit home-owners that live in fear of future flooding.

During the live video interview, which is available to view via the Know Your Flood Risk home-page , Aidan discusses exactly how the Flood Re scheme will work when it launches in 2016, as well as how it will be priced, whether any pricing caps will apply on insurance excesses, how home-owners can reduce their risk to flood, as well as discussing what types of property will be eligible to go into Flood Re.

Aidan Kerr confirms: “The insurance industry recognises it plays an important role in offering a vital safety net for when unexpected events happen across the UK. Customers really worry about flooding, and so the industry wants to continue to provide the reassurance that home insurance provides. If we left it to go to an ‘open market’ we think that up to half a million of people could find accessible and affordable insurance just impossible to find, and so the industry wants to do something about this. We therefore believe that Flood Re – which is a world first – can really make a significant difference to a minority of people across the country. I have a personal ambition to make Flood Re work.”

When asked about how home-owners will pay for Flood Re, Aidan advised: “When we first set out with Flood Re we looked at all the different options for how the affordable premium thresholds should be set. There were a number of ways we could do this, however what has been agreed is that it will be based on council tax banding. So, for example, if you’re in a ‘Band A’ property, Flood Re will offer insurers to transfer the risk to it, at a price of £210 for a combined policy, which will increase gradually to band H – and I in Wales – where Flood Re offers to take the risk from insurers at £1,200.”

Following the interview, Mary, who is known by many as ‘Mary Queen of Floods’ said: “I am really pleased that Aidan Kerr is so committed to making sure that Flood Re will work and I am confident that it will. I think people may be a little disappointed that it is coming online a little later than originally expected, conversely it is better that it comes on later and is fit for purpose and works. Let’s hope it works well for everybody and makes flood insurance available and affordable for absolutely everyone at flood risk.”

The Know Your Flood Risk Campaign’s mission is to raise awareness of the risk of flooding from all sources. It is a one of the UK’s leading online sources for helping people find out the flood risk related to their current or future homes. For example, users can purchase a Know Your Flood Risk Report, which assesses the potential risk and confirms whether they will be able to obtain insurance at standard terms. The property-specific assessment report can be purchased via the website for £24.00.

The full video interview, which took place at Flood Re’s London HQ, was live broadcasted via the @FloodUK Twitter feed and is now available to view via the Know Your Flood Risk’s YouTube channel: https://youtu.be/7MnMnwraMEw.

For more information, visit www.knowyourfloodrisk.co.uk, or follow the campaign on Twitter or via Facebook.

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Notes to Editors:

About Know Your Flood Risk:
Know Your Flood Risk is a campaign raising awareness of the risk of flooding from all sources - not just from the river, sea, or a visible water course. The majority of flood insurance claims are for surface water flooding where there is no obvious water to alert a home-owner to the potential risk. The Know Your Flood Risk campaign provides essential practical guidance to enable home-owners and property professionals to mitigate against and prepare for the risk of being flooded. The campaign supplies a property-specific flood report for £24 which can be used by home-owners to help identify the potential risk, as well as confirm whether they will be able to obtain insurance at standard terms. More information is available at www.knowyourfloodrisk.co.uk.

Editor’s Contact:
Peppa Sheridan
Peptalk Communications
http://www.sourcewire.com/newsroom/PeptalkCommunications

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