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Community Foundation for Calderdale’s alternative to flood insurance will launch at this event, further protecting and supporting those not covered by the Governments FloodRE scheme, this includes businesses and homes built after 2009.
Members of the scheme will pay regularly into their individual credit union Flood Save account through monthly standing orders of £10, £25 or a maximum of £50. These savings will be held in individual accounts run by Calderdale Credit Union who are partners to on the project. Members’ savings will therefore be covered by the Financial Services Compensation Scheme. Members’ savings will also be eligible for any dividends on savings paid to its members by the Credit Union (these have varied in recent years from 0% to 2.5%).
Half a million pounds investment form the Community Foundation will enable the scheme to offer 100% match on the first £1000 saved with Flood Save. The Community Foundation will work with donors and philanthropist to increase the half a million in turn increasing the number of people and business it can support.