What's next for Personal Lines insurance?
Ageas – Supporting Build Back Better
We’re pleased to be one of the first insurers in the UK to sign up to the Build Back Better scheme – it’s a nationwide initiative that resonates quickly with us, as it reflects our company values.
Build Back Better offers homeowners the chance to have a range of different flood resilience measures installed by their insurer if flooding damages their home.
Build Back Better – working with Flood Re
Build Back Better scheme is run by Flood Re, the organisation that helps insurers in the UK make the flood element of their household insurance policies more affordable.
Hopefully, the installation of these resilience measures will reduce the level of damage to homes in future flood claims. That helps keep premiums low, which is good news for customers too.
Why Ageas is supporting Build Back Better
Ageas is one of the first insurers to support the Build Back Better initiative. We’re firmly focused on personal lines – helping customers with a brilliant service, where and when it matters.
To us, it seems logical to reduce the chance of future claims at the same time we’re fixing flood damage. Reducing the cost of future claims will mean that, ultimately, we can help keep insurance premiums lower in the long-term. So we’re not just fixing immediate flood damage, we’re looking to the future too– and that sounds good for everyone.
What will Ageas be providing to affected customers?
Each householder’s situation will be different, of course. But the resilience measures could include things like flood barriers, self-closing airbricks or the movement of plug sockets to somewhere higher, out of the flood waters’ reach. We’ll offer affected policyholders up to £5,000 towards the installation of these measures, and help get them organised too.
Who will qualify for Build Back Better?
We’ll be offering Build Back Better to any new or existing customer who has buildings insurance with us from 1 June 2022.
Properties will be eligible if they are the customer’s primary residence, has been flooded by coastal, river or flash flooding and where the claim is expected to cost over £10,000. The property also needs to be located in a high-risk flood area or have suffered previous flooding at some point.
As always, we welcome queries – we’re here to help.
Find out more about Flood Re here
Read the Build Back Better press release here
