AT-RISK homes in Bury could soon have affordable flood insurance for the first time in years thanks to a new scheme that launched this week.

Flood Re aims to re-energise the home insurance market for households living in flood-prone areas, and is working with insurers so that 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.

David Nuttall, MP for Bury North, said: "The new scheme has been designed to make the process as simple as possible. It will be handled by the insurers themselves and already there are 17 different insurers signed up to the scheme.

"The scheme works by taking the flood risk element of home insurance away from the insurer in return for a premium based on the Council Tax band of the property being insured. The scheme is part funded by a levy on insurers.

"The scheme operators believe that around 350,000 could benefit from the new scheme and I am sure there will be many in parts of Bury, Ramsbottom and Tottington."

So far, the firms offering policies backed by Flood Re represent over half of the home insurance market, with more expected to come on board. The list so far includes Admiral, Aviva, Churchill, Direct Line, LV= and More Than.

Insurers have put the flood damage bill for storms Desmond, Eva and Frank during December and over the new year at around £1.3 billion, including commercial customers and some vehicle claims.

Brendan McCafferty, chief executive of Flood Re, said: "This should make flood cover more affordable and accessible to those in high flood risk areas over time.

"Consumers should check the Flood Re website to see which insurers are signed up, speak to their current insurer and be prepared to shop around. When buying a policy they should make sure it is the best one for them, not just the cheapest.

"If you're in a high flood risk area then Flood Re may also mean having a choice of insurance provider for the first time in many years. Again, shop around and see what cover and prices you are offered."

The Association of British Insurers said some insurers will be contacting customers directly to tell them about how Flood Re can make a difference.

Consumers can also call their insurer to find out if they can offer new options.

More information about how the scheme can help is at www.floodre.co.uk/customer-info.