Good News For Farmhouses In Flood-Risk Areas
Some farmers in high-risk flood areas may be able to insure their farmhouses under the new Flood Re scheme.
The scheme has been set up jointly by the Government and the insurance sector to help those whose homes are at greater risk of flood damage. Homeowners will be able to insure their properties as normal with the flood risk element being covered by the Flood Re scheme. This will hopefully make premiums more affordable and insurance companies less nervous about offering cover.
Whilst commercial and agricultural buildings are not covered by the scheme, farmhouses can be included provided they meet certain criteria, mainly that their council tax is within bands A to H and that the property is in the name of an individual, rather than a partnership or business.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.