What is the standard excess that applies to flood cover under the Flood Re scheme?

The standard excess that applies to flood cover under the Flood Re scheme is set at £250. This means that in the event of a flood-related claim, the policyholder would be responsible for the first £250 of any claim, while the remainder would be covered by the insurance policy.

The rationale behind having a standard excess is to ensure that policyholders share some of the risk and costs associated with their claims, which can help keep insurance premiums affordable. The Flood Re scheme was established to provide more accessible flood insurance for homeowners in high-risk areas, and the relatively low excess is intended to alleviate some of the financial burden on these households.

In the context of the Flood Re scheme, the standard excess is a key component that is designed to balance the need for protection against flood risks with the practical realities of insurance costs. This makes flood insurance more manageable for those who may otherwise struggle to find affordable options due to their location.