Flood risk certificates

July 31, 2015 6:10 am

We’re all waiting for the start of Flood Re – the scheme to provide affordable flood insurance for even those properties at the highest risk of flooding. In the meantime, there are some very interesting associated moves happening.

Groups in the insurance industry have now called for the introduction of a flood resilience certificate for household properties. This would allow homeowners to prove that their property had undergone adaptations which would improve its defences against flooding. It’s been described in the press as something which would operate in a similar way to your home’s energy performance certificate.

The key point of this new scheme would be to help insurers assess the risk of flooding for individual properties rather than lumping all properties in a postcode together, despite there being a huge disparity in risk. And the obvious extension of this is that, if you have a flood resilience certificate, your insurance premiums might go down.

There is still a long way to go. But influential bodies in the insurance industry have put their weight behind the scheme and one – the Association of British Insurers – has asked for a deadline of the end of this year for agreement to go ahead and the end of next year for a pilot scheme to start. We will keep a watch on any developments.