If you live in a Park Home in an area which is deemed to be a high flood risk, or you have been unlucky to have experienced a flood at your park home in the past, then you will probably have experienced problems getting insurance cover to include flood cover, or if you have, was it at a reasonable price?
To combat homeowners not being able to obtain flood cover, or at a reasonable price to help homeowners whose properties are likely to be affected by floods, the insurance industry and the UK Government launched Flood Re, a ‘reinsurance scheme’, in April 2016.
This scheme is a way to help people living at risk of flood get access to affordable home insurance. Park Home Assist’s insurer Canopius, (one of the largest Lloyd’s Of London Underwriters) uses the scheme to offer affordable cover to park home customers whose properties are at risk of flooding. (Subject to meeting Flood Re’s requirements).
How does Flood Re work?
When it comes to choosing your Park Home Insurer, as long as their insurer has signed up to the scheme, nothing changes.
You buy your policy in exactly the same way and you’ll continue to be set a premium based on the details you give.
If you’re the owner of a park home where the base your home is sited upon was built before 2009 that’s at one of the highest risks of flooding, then your park home insurance that covers you against flood damage may be passed to the Flood Re Scheme.
All of this will happen automatically, if you opt for this cover. You don’t need to do anything and we’ll confirm if this applies to you in your policy schedule.
This also means that if you previously had a flood excess on your park home insurance policy, we’ll be able to replace this with a standard policy excess. So you aren’t expected to cover any extra cost of your park home is damaged by flooding.
Need More information about Flood Re?
Although you are not required to do anything to access Flood Re, you can visit the Flood Re website to find out specific information on the scheme. www.floodre.co.uk