Build Back Better
April 5th, 2022, saw the launch event for the long awaited ‘Build Back Better’ scheme from Flood Re, whereby insurers are encouraged to restore a property in a more resilient way following a flood.
Prior to this, homes tended to be restored in a short-sighted ‘like-for-like’ approach. To many, this did indeed seem crazy, however due to the way insurance works, and homeowners being able to shop around and not have loyalty, it was not in the insurance companies’ interest to spend funds on betterment, as ultimately, the insurers may not reap the financial rewards.
At present, flood insurance is made affordable by the government backed industry insurance scheme ‘Flood Re’, whereby those who don’t flood, pay a small portion towards those who do. This scheme is world-leading, however is due to end in 2039, at which point insurance will return to a risk-based pricing model. Without adaptation, we could end up with uninsurable housing stock. With 1 in 4 homes in the U.K at risk of flooding, the time to act is now.
Whilst flooding has serious economic impacts, it also has huge environmental and social impacts which often go overlooked. These stories are portrayed incredibly well in Flood Re’s Build Back Better video. It features flood victims including our own Director, Simon Crowther, along with Mary Dhonau OBE and Karen Morely-Chesworth. Karen’s story is very inspiring as following the devastating 2015 Storm Desmond floods, a large insurance claim was required. Karen decided to push for Build Back Better and subsequently when the property flooded again, she did not need to make an insurance claim and was back to normal with minimal disruption.
Build Back Better offers homeowners the chance to leave the stress and anxiety of a flood behind them by upgrading their home to make it more flood resilient. This is in contrast to what currently happens where families are put back to how they were before the flood, leaving them vulnerable to the next time there is heavy rainfall. Build Back Better could mean days out of their home instead of many months. As part of Build Back Better, residents will have £10,000 to spend on flood resistant or resilient measures. We can rest assured this will not however be an opportunity for unscrupulous companies to make a ‘quick buck’ as insurers will be looking for the new CIRIA Code of Practice to be followed and high standards upheld.
Build Back Better also offers insurers the chance to dramatically reduce future flood claims. The average Flood Re insurance claim after a home flood is £35,000 – installing some simple measures to keep the water out or reduce the impact that flood water does have when it enters a property can significantly reduce that number.
Measures may include (but not be limited to):
• Flood Barriers
• Flood Doors
• Non-Return Valves
• Sump Pumps and Puddle Pumps
• Waterproof Plaster
• Waterproof Kitchens
• Water Resistant Flooring…
You can watch the video here > Build Back Better
If you require any assistance with assessing your flood risk, as always do not hesitate to speak with the experts and contact us either by email on email@example.com or by phone on 0115 987 0358.
Our very own Simon Crowther pictured in the video: