Insurers to launch scheme for flood-prone homes
The scheme, known as Flood Re, is expected to offer affordable cover to qualifying homeowners including some of the 16,000 flooded this winter.
However, not all properties at risk of flooding will be covered by Flood Re. The Council of Mortgage Lenders (CML) warns that mortgage lenders, insurers and the government will need to keep the scheme under review to assess how well it is working. The CML said: “We believe that, over time, Flood Re needs to expand to provide cover for a wider range of properties, and to help ensure the housing market works smoothly in areas prone to flooding.”
Click here to read the CML’s full article: Homes at risk of flooding, what next?