Ageas has become one of the first insurers in the UK to sign up to the Build Back Better scheme, run by Flood Re, an organisation that helps insurers in the UK make the flood element of their household insurance policies more affordable.
In participating in Build Back Better, Ageas is going one step further than a standard home insurance policy into the preventative space. For customers, not only is there the obvious benefit of better protection against repeat events, but there is also a pricing benefit for the future. This aligns well with Ageas’s ambition to be a leading low-cost top quartile personal lines insurance provider.
Under the scheme, Build Back Better offers homeowners the chance to have a range of different flood resilience measures installed by Ageas up to an amount of £5000 if flooding damages their home. The installation of resilience measures aims to reduce the level of damage to homes in future flood claims, which at the same time allows Ageas to keep premiums lower in the long term.
For the customer, damage sustained by flooding is immediately fixed but alongside installation of resilience measures including things like flood barriers, self-closing airbricks, or the movement of plug sockets to a higher level.
Properties will be eligible if they are the customer’s primary residence, flooded by coastal, river or flash flooding where the claim is expected to exceed £10,000. The property must be in a high-risk flood area or have suffered previous flooding at some point.