Home Insurance – 10

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If you live in a flood-risk area, you’ll have been paying around £33 (or 24%) more for your home insurance than the national average, MoneySuperMarket research shows.

And if you’ve made a claim for damage caused by flooding, you’ll have typically seen your premium jump by £372 a year.

But at last there is some good news for those affected by flooding.

Thanks to the introduction of Flood Re – a scheme set up by the government and the insurance industry – home insurance should now cost less, even if you live in a high risk area.

The idea behind the scheme is that if an insurer deems a property to be high risk, it can pay Flood Re to look after the flood insurance part of the policy.

In turn, the insurer will charge you less for your insurance, with the actual amount being linked to the council tax band of your home.

This means if you’ve recently bought home insurance, it could be worth running a new quote to see how much you could save. If the savings are big enough, it could be worth paying a fee to cancel your current policy and switch to a new one.

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