So how does Flood Re affect me?
Flood Re doesn’t affect you in that you’ll still deal with your insurance provider in the same way you always have. But behind the scenes, your insurance provider is paying the Flood Re part of your insurance premium.
Flood Re takes this money from a number of different insurance providers, and so spreads the risk away from any single provider. It's up to the insurance provider to decide if they’ll offer you a policy and use Flood Re for it. It’s also up to them to set the price for your policy.
To qualify for Flood Re, the householder or the householder’s immediate family must live in the property for at least some of the time during the policy period.
In the event that you make a claim for flood-related damage, your insurance provider will pay you as usual, then recoup the money from Flood Re.