Flooding can be devastating to both homes and businesses, causing huge amounts of property damage along with the pain and frustration of dealing with the aftermath, which can take months to rectify. The Environment Agency has estimated that 2.4 million properties in England are currently at risk of river or coastal flooding, and there are an additional 3 million properties at risk of surface water flooding; 600,000 of these are at risk of both.
BIBA appreciates the devastation that flooding can cause to homes and businesses. and supports Flood Re. Of the 28 million properties in the UK, more than five million are at risk of flood (1 in 6), On current trends up to 20,000 houses are likely to be built this year in flood risk areas.
Flood Re’s purpose is to promote the availability and affordability of flood insurance for eligible homes, while minimising the costs of
doing so, and manage, over its 25 year lifetime, the transition to risk reflective pricing for household flood insurance.