New directory will help households at risk of flooding to find cover

Households struggling to find flood insurance will get more help to shop around and find cover with the launch of a new directory of specialist firms.

The British Insurance Brokers’ Association (Biba), the Association of British Insurers (ABI) and Flood Re have been working together to enable better access to insurance.

The new directory lists specialist firms that are well placed to find insurance for households struggling to obtain flood cover and can be found on the Biba website at www.biba.org.uk/Flood-insurance-directory.

Flood Re works behind the scenes with insurers to make the flood element of insurance policies affordable.

It uses money raised from an industry levy to cover the flood risks in home insurance policies.

The launch of the new directory comes at a time when many households have been hit by flooding and storms in recent days, with some properties losing power and in some cases having to be evacuated.

Graeme Trudgill, Biba’s executive director, said: “People that have been flooded know all too well how important it is to have flood insurance that can help reinstate their home and contents.”

Mr Trudgill added: “We have driven forward signposting as a solution for almost 10 years now and I am immensely proud to see the sector working together to launch this service built entirely for the benefit of consumers. I call on the whole industry to back this.”

Rebecca Pow, Flood Minister, said: “I welcome the collaborative work Biba has taken forward with industry following the Independent Review of Flood Insurance in Doncaster.

“This new joint-industry Flood Insurance Directory will play a key role in helping increase accessibility of flood insurance for properties at flood risk.”

To support the directory, some firms which are members of Biba or the ABI have put in place a voluntary “signposting agreement”. They will signpost to the directory if a consumer is offered a household policy with a flood exclusion or a consumer is not offered a household policy and flood risk is the major reason cover is declined.

Firms will seek to implement this agreement from September 1 2022.

James Dalton, director, general insurance policy at the ABI, added: “This is a great initiative to ensure that those living in areas of higher flood risk are able to access flood cover for their homes.

“The ABI and Biba have gone one step further with this signposting agreement which will help those both within scope, and out of scope, of Flood Re to be directed to specialist providers for their needs.”

There are currently 18 insurers and brokers listed on the directory which have passed eligibility criteria. Others are being invited to join by completing an application form or emailing Biba.

Dermot Kehoe, director of communications and transition, Flood Re, said: “The new Flood Insurance Directory is a great initiative to help householders shop around for flood insurance.

“It means that people will be able to easily see if their property is eligible for the Flood Re scheme and be directed to companies who can help them to find the right insurance.”

Paul Cobbing, chief executive of the National Flood Forum, said: “People at high risk of flooding may spend huge amounts of effort each year trying to get residential property insurance.  By putting them in contact with specialist brokers and insurers, this initiative will help reduce the time and stress involved.”