The government has announced a new long-term plan to tackle the risks of flooding, aimed at providing better protection for 336,000 properties by 2027.
The announcement is largely a discourse on the £5.2bn committed in March’s Budget but also includes significant changes to Flood Re.
According to BIBA, although the measures are still subject to consultation, these alterations are aimed at improving the efficiency and effectiveness of the scheme and are “largely in line with those set out in Flood Re’s Quinquennial Review”.
The measures include allowing the Flood Re to offer discounted premiums to homes that have fitted property flood resilience (PFR) measures, such as air brick covers or non-return valves and allowing the payment of claims to include an additional amount to repair homes in a more flood resilient way, what BIBA has called “Build Back Better”.
Other measures include exploring whether Flood Re can do more to accelerate the uptake of property flood resilience such as contributing part of the scheme’s currently available funding.
As well as, working with Flood Re and the insurance industry to explore whether it would be beneficial for insurers to share more information with customers about their flood risk, in order to encourage all parties to take responsibility for uptake of resilience measures.
Technical changes will also be made to the Flood Re Scheme to allow it to amend the level of the annual levy raised from insurers and the maximum it is liable to pay out each financial year, in order to deliver “better value for money”.