New scheme to help residents get affordable flood insurance

Photo: Hayley Power

Flooding on Todmorden Road, Littleborough on Boxing Day

A new scheme designed to help homeowners in the town get access to affordable flood insurance has been launched.

Flood Re will enable insurers to offer more competitively priced premiums and lower excesses to people living in areas at high risk of flooding.

Under the scheme, all UK insurance firms will pay into a central pot which will be controlled and managed by Flood Re and used to pay for repairs in the event of significant flood damage. This helps reduce the risk of insuring homes in flood zones b spreading the cost across the whole insurance industry. It is hoped the significant savings will be passed on to customers.

Brendan McCafferty, Chief Executive of Flood Re, said: “People in Rochdale should speak to their current insurer and shop around to ensure they are able to get the best possible deal for their flood insurance.”

Rochdale MP Simon Danczuk Danczuk said: “I know from my weekly surgery and from visiting the victims of the recent floods that many people struggle to access affordable flood insurance.

“I hope the situation improves now that Flood Re has launched.”