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  1. ITV Report

Flood scheme to offer affordable insurance for high-risk homes

Whalley in Lancashire following floods. Photo: PA images

A new flood insurance scheme to help at-risk households get more affordable cover has launched.

Flood Re aims to re-energise the home insurance market for households living in flood-prone areas - and it could mean that for the first time in years, some high-risk households have a choice of providers. It's thought around 38,000 properties will benefit, however, the scheme hasn't been extended to businesses.

The scheme works with insurance firms so people who own and live in properties that are most likely to flood can shop around more easily. It is hoped that the increased competition will help drive down premiums for those affected.

Brendan McCafferty, chief executive of Flood Re, said he is "delighted" that the scheme is now live: