IFM Insurance Brokers based in Sheffield is reminding local firms and landlords that a rapid-payout flood insurance product FloodFlash is available in South Yorkshire and across the UK. FloodRe, the national scheme for providing affordable flood insurance to homeowners excludes businesses and landlords.
FloodFlash uses advanced risk-modeling and mobile-connected sensors to remove the costs, time and uncertainty associated with traditional flood insurance and works in three simple steps:
- Firms choose up to three trigger depths and pay out values for their cover
- A FloodFlash engineer installs a mobile-connected sensor at a signed up firm within 14 days
- When a flood reaches the agreed depth, FloodFlash sends the firm an agreed settlement in full
According to the Environment Agency Flood and coastal erosion risk management report, the economic losses from flooding between November 2019 and March 2020 are estimated to be about £333 million.
Sadly major flooding incidents across South Yorkshire seem to be happening annually as climate change continues to bring more volatile and unpredictable weather conditions. What’s more flood defences that have been installed across South Yorkshire seem to do little to combat the devastating impact of flooding, or have just moved the problem downstream. In November 2019, Sheffield was issued with a danger to life weather warning after a whole months rainfall was recorded in just one day.
Jamie Harvey, a Director of IFM Insurance Brokers said: “At IFM we have partnered with FloodFlash, which gives our clients an innovative, technology-led solution, enabling them to obtain flood insurance in high-risk areas. FloodFlash gives firms fast and flexible cover by using the latest in data modeling and connected technology. It provides a fixed payment to a business as soon as sensors detect that the water level at their property has risen above a pre-agreed level and is available to anyone, irrespective of whether or not they have been declined flood cover previously’.