The new residential flood insurance option will be exclusively launched in Florida early next month, and is likely to be rolled out in 11 more US states in the future
Zurich North America has joined forces with Wright National Flood Insurance Services to launch a new residential flood insurance product called Zurich Residential Private Flood Insurance.
The new flood insurance programme is said to be a stand-alone admitted private flood insurance offering. It has been launched in response to the needs of property owners who have to deal with potentially catastrophic flood scenarios.
The new residential flood insurance product will be launched exclusively in Florida early next month with plans to expand its availability in 11 more states in the future. It will be exclusively sold by Wright’s partner agents.
Wright National Flood Insurance Services private flood senior vice president James Watje said: “We are offering flood coverage that is not one-size-fits-all. Each home we cover is as unique as the people living in it.”
Zurich Residential Private Flood Insurance will expand coverage options and provide customisation similar to the model of various personal lines of insurance. The new residential flood insurance product is expected to provide flexibility to property owners to customise their flood insurance policy suiting their specific requirements.
According to Zurich North America, while the costs of flooding resulting from recent severe weather events have been well documented, it doesn’t take a major event to cause a significant impact to property. Even a few inches of water can lead to damage worth hundreds of thousands of dollars, said the insurance major.
Zurich North America said that the new coverage offering was developed to enable residential property owners to plan for better outcomes when flood risk turns into a reality.
Zurich North America programmes head Greg Massey said: “With changing weather patterns and growing storm intensity across the country, we need to recognise the vast majority of homes are potentially at risk and most property owners need to consider the protection provided by flood insurance.”