Should Flood Re cap insurance payouts for the UK's wealthiest households?

Flood Re is the UK's insurer of last resort for flood risk. In three of the past four years it has spent more repairing homes in the highest council tax band, which is less than 4% of UK homes, than on homes in bands A and B, which make up 45% of housing stock. The government plans to cap claims passed to the scheme, lower premiums for contents-only coverage on lower-value properties by more than half from next year, and revise premiums to better balance support between wealthier and poorer households.