Flood Re is a scheme that gives households at high risk of flooding access to affordable insurance.

All insurers who offer home and contents cover pay into an annual pot of £180 million and any claims against flood damage from policies eligible for Flood Re will be drawn from there.

Essentially it’s an insurance scheme for insurance companies to minimise their risk, meaning they can offer affordable cover to any of the UK’s 350,000 high-risk households without charging high premiums or excesses to their customers.