Ripped off by Flood Re Scheme

suchgreatheights

Anyone else been affected by this?


My home insurance renewal quote rocketed by more than 300%.


When I rang to enquire I was told it was because the insurer (Allianz) had opted in to the Flood Re Scheme and that the renewal quote was therefore non-negotiable.


According to their literature, "Flood Re is a joint government and insurance industry initiative to enable you to find affordable insurance for qualifying properties that are at risk of flooding."


In my case it seems to have had the opposite effect.


My house is in a flood risk area and a scheme specifically designed to make insurance more affordable for me has tripled my premium.


Needless to say I have switched to a new provider.

paddyandstumpy

If you don't like the price you've been quoted, shop around and move for a cheaper premium (assuming you can find one).

Liz_Mitchell

I don't think that you can blame Flood Re here, it may be useful for you to better understand how the Flood Re scheme works.

The decision to include your risk in the Flood Re scheme was made by Allianz (they don't have to include you in Flood Re!) but it is likely they have because they view you as too high a flood risk to want to cover you for flooding themselves. Your insurance premium will be made up of 2 parts a fixed price for flood cover which is based on your council tax band and the price that Allianz set for covering other risks such as theft, fire etc. It could well be the Flood Re levy that has increased your premium but it could be increases to Allianz's pricing for other risks that have increased your costs too
Take a look at the Flood Assist Insurance website they have a guide called Flood Re for Dummies which gives a good explanation of how Flood Re works
Hope this helps