General Insurance Article - Aviva offers homeowners Flood Re enabled price

 The Flood Re scheme, a world first1, will increase the availability of home insurance in the UK. Many homeowners who live in high flood risk areas or have been flooded previously will, for the first time, now be able to shop around for their insurance after the Flood Re scheme launches on 4 April.

  

 Over time it’s estimated that at least 350,000 homes could benefit from the scheme.

  

 Aviva’s direct insurance business will be able to provide new customer quotes inclusive of Flood Re prices from 4 April and renewal quotes – which are generated 32 days in advance - will be available from 5 May. Existing customers using the MyAviva app will also be able to access a Flood Re-enabled renewal from this date.

  

 Customers whose policies renew between 4 April and 5 May and who are in a high risk flood area will be proactively contacted to make them aware of Flood Re and the benefits of the scheme.

  

 As well as giving greater access to flood insurance and a more competitive market, the Flood Re scheme will also enable homeowners to benefit from low excesses.

  

 Even if a homeowner’s policy isn’t transferred to Flood Re, Aviva will remove any additional flood excesses on existing customers’ policies at renewal. In future, customers affected by this change will pay only their standard policy excess on any flood claim.

  

 During the recent floods, Aviva received over 2,000 claims, helped 200 families with alternative accommodation and a few months on, 65% of contents-only claims have been paid.

  

  

  

 Commenting on the launch of Flood Re, Lindsey Rix, managing director of Aviva’s personal lines business, said: “During the recent floods, we received over 2,000 claims and our immediate priority was to help those homeowners and businesses which had been affected. Being flooded can be extremely traumatic, and as the UK’s leading insurer, we’ve long campaigned for action to protect those homes which are at greatest risk from flooding.

  

 “As severe weather is predicted to rise, providing access to insurance while continuing to invest in flood defences is ever more important. The ground-breaking Flood Re scheme will allow homeowners who’ve been flooded or who live in high risk flood areas to shop around as well as benefit from lower excesses. In future, we’ll be able to provide eligible customers a price for their insurance, regardless of the flood risk.”

  

 Flood Re has a number of criteria for customers to be transferred to its scheme, including properties which are;