What is the standard excess for flood cover under the Flood Re scheme?

Under the Flood Re scheme, the standard excess for flood cover is set at £250. This amount is significant as it acts as a financial responsibility of the policyholder before the insurance coverage kicks in for any flood-related claims. The Flood Re scheme was established to assist homeowners in high-risk flood areas by making it more affordable for them to secure insurance. By implementing a standard excess, it ensures that policyholders contribute a portion towards their claims, which reflects a shared responsibility between insurers and insured parties.

The choice of £250 as the excess is relatively modest, designed to be manageable for most homeowners while still encouraging prudence in reducing the risk of flooding through measures such as flood defenses and home improvements. This consideration strikes a balance between being affordable for homeowners and promoting proactive risk management strategies.