Following the launch of the Flood Re scheme, insurer HomeProtect has decided to offer extra help to customers worried about the high cost of insurance in flood prone parts of the country.
HomeProtect will reimburse cancellation fees for homeowners who switch to a HomeProtect Flood Re policy mid-term. This could increase the saving a customer could make under the scheme by up to £100.
Residents who have previously paid high flood premiums and excesses could now potentially save hundreds of pounds.
By switching to a HomeProtect Flood Re policy, customers can claim back the fee charged by their existing insurer for cancelling their policy mid-term. This limited time offer could make affordable flood cover even more available to households which qualify for the Flood Re scheme at launch.
Flood Re is designed to help households at risk of flooding get affordable insurance cover. It is a joint industry and government sponsored scheme with a fixed premium geared to council tax bands. This should help limit the excess and ensure those at risk are protected with content and buildings insurance.
Shane Leivers, director of product and marketing at HomeProtect, said: “It’s clear to us that customers already paying high premiums would like to take advantage of the Flood Re scheme straightaway. The good news is that customers don’t have to wait.
“We believe cancellation fees might be a barrier which is why we are giving those customers the opportunity to bypass renewal and start saving with HomeProtect today. In the next few weeks, we are also contacting existing HomeProtect customers who qualify for the Flood Re scheme to pass on any cost savings too.”
The cost of flood premiums and excesses is a big concern for those in high risk areas. In light of this, HomeProtect has developed a free online eligibility calculator that can indicate whether homeowners and tenants could be eligible to benefit from a Flood Re policy.
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