Flood Re (short for flood re-insurance) is a levy and pool system in the United Kingdom, which replaced the Statement of Principles agreed between the government and insurance companies to provide flood insurance coverage to domestic properties deemed at significant risk of flooding (this is generally defined as more than a 1.3% or 1 in 75 annual probability of flooding). It is estimated that it will ultimately cover the most at risk 2%, or 250,000 homes, though the Centre for Climate Change Economics and Policy suggest 370,000 homes are eligible.
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