With the urgency for adaption to meet the challenges of climate change, 2022 should be the year of adaptation through the uptake of Property Flood Resilience (PFR). Flood Re is pioneering this through it's Build Back Better scheme which will allow homeowners, for the first time, to install PFR measures of up to £10,000 following flooding with the aim to minimise damage from future floods, the financial damage and emotional distress caused.
Flood Re is a re-insurance scheme that makes flood cover more widely available and affordable as part of your home insurance aimed at helping households at the highest risk of flooding and providing information about taking action to reduce flood risk. Flood Re will run for 25 years, at which point insurers should be offering policies based on actual risk to property.
In their annual report, Flood Re have completed their statutory five-year review and laid the groundwork for the launch of Build Back Better, which gained Parliamentary approval on 24 March 2022. Build Back Better is a significant milestone for Flood Re and a decisive step towards ensuring the UK’s transition to a flood-resilient future.