Sea change for flood-risk homes

Households in flood-prone areas could see their insurance costs reduced from next year, according to a scheme which helps to make affordable cover more widely available. The Flood Re scheme, launched in 2016, said it will cut the charges it makes to insurers – which in turn could make cover cheaper for households. The scheme does not deal directly with households but sits in the background for insurers to make use of. Flood Re will reduce the reinsurance premiums it charges to insurers from January 1, 2019.