This month saw Flood Re stage the parliamentary launch of a new insurance initiative headlining as ‘Build Back Better’, a scheme which intends to adapt homes and protect communities from flooding.
Given its standing as the UK’s leading manufacturer of BSI Kitemark Certified flood products, business leaders from M3 Floodtec were invited to attend the launch at the House of Commons on April 20 to learn more about the new insurance provision and how Flood Re is working in tandem with industry to make flood insurance more accessible, in order to help reduce the trauma, distress and cost that flooding can bring.
Flood Re was launched in 2016 as a joint initiative between the government and insurers to make flood insurance more affordable and available. In excess of 350,000 households have benefitted since its establishment.
From April 2022, customers of insurers who offer Build Back Better [BBB] provisions within their policies will be eligible for further funds above and beyond reinstatement costs after a flood – up to £10,000. The funds can be used to install flood resilience measures that are designed to reduce the cost and impact of future flooding, as well as allow families to return to their homes more quickly after a flood has occurred.
Together with other interventions such as flood defences, BBB will provide a powerful tool to address the increased risks of flooding posed by climate change, improving resilience, and supporting families.
The launch, held in the Churchill Room within the House of Commons, was attended by Nature Recovery and Domestic Environment minister Rebecca Pow, Flood Re CEO Andy Bord and chairman Mark Hoban, all of whom delivered keynote speeches.
The platform was also used to convey the latest data and information around Build Back Better - including the insurers that will begin to offer BBB policies in 2022 - as well as the flood resilience measures and BSI Kitemarked flood products that households will be able to access via BBB.
