UK flood insurance
I wonder how the UK flood insurance is bundled with HO policy and is voluntary to purchase at the same time?
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I wonder how the UK flood insurance is bundled with HO policy and is voluntary to purchase at the same time?
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Also, if we want to make a flood insurance affordable by low-risk subsidizing high risk, make the purchase mandatory or bundle with HO policy seem to be similar, can't really tell the difference
The standard U.K. HO policy includes flood coverage by default but the purchaser can opt out of flood coverage if they want to. Most purchasers don't even think about this however. The result is that around 95% of purchasers have flood coverage while only 5% opt out.
(So U.K. flood coverage is still voluntary but by bundling it with HO by default, the end result is most homeowners will keep it.)
That's so clear, thanks Graham!
Can you explain the role Flood Re plays in the UK flood system?
You can get the details for Flood Re and the UK flood insurance program in quiz 2 of the wiki article IBC.Flood2015.
Another nice summary of Flood Re is available at this external website:
battle cards #24, which country uses insurance as government role?
Should UK be included too? For UK, the government is an enabler.
I guess this is more of referring to whether the program is offered by the government of the private sector. The UK is done through the private sector