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Could there be a Flood Re 2?

And so it’s April 2016….the time has finally arrived when Flood Re is supposed to launch. But will it? We still don’t know for sure.

In the meantime, there are new demands from groups who feel let down by this complicated scheme for affordable flood insurance. The latest to issue a statement is the Residential Landlords Association (RLA). Flood Re excludes businesses and therefore does not cover properties in the private rental sector as buy-to-let homes are considered a commercial undertaking.

The RLA believes that up to 100,000 properties could be at risk from lack of affordable insurance: “We are firmly convinced that, once we move into the new era of Flood Re, more and more private landlords and those in other excluded groups will find it impossible, very difficult or costly to obtain the necessary flood coverage.”

The RLA is therefore asking for a ‘Flood Re 2’, which would extend the scheme to cover excluded groups including landlords, flat owners and small businesses. A spokesperson made a very interesting comment when you consider how long it’s taken to get to this point: “A great deal of experience will have been gained in setting up Flood Re. Therefore it should not take as much time, trouble and effort to create a second version.”

As we mentioned before, there are still problems which could delay the launch of Flood Re. The thought of going through it all again for Flood Re 2 fills me with dread.

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