In response to the deregulation of the US flood insurance market, Hiscox London Market has launched a new flood product for US homeowners – FloodPlus. Working with wholesale brokers in the US to distribute the new product, FloodPlus meets a shortfall in flood cover for many homeowners by offering higher limits and a wider scope of cover than policies provided by the existing US government backed National Flood Insurance Program (NFIP).
With current NFIP limits of only US$100,000 for contents and US$250,000 for buildings, US homeowners have had limited choice for flood cover. Hiscox’s FloodPlus, which will be available through wholesale brokers in the US, not only offers higher limits of cover but also a simpler definition of what constitutes a flood, as well as broader cover for personal property plus alternative accommodation while the property is being repaired. Available for wholesale brokers to market to their retail broker clients, US broker Johnson & Johnson has already begun to offer FloodPlus to its agency partners.
Commenting on the new product, Jonathan Powell, Personal Lines Underwriter for Hiscox London Market, said: “As we’ve seen recently with huge floods in Houston, Texas, flood continues to cause devastation to homeowners throughout the US. Once again consumers are finding their flood cover woefully short of what they actually need with insufficient limits, no option for alternative accommodation, and a narrow definition of what constitutes a flood. Following deregulation of the market, we’ve been able to put together a product that brings the best of the London Market to the benefit of US homeowners who want more comprehensive flood coverage through a simple flood definition, higher limits and broader coverage.”
Peter Burrous, Chief Marketing Officer with insurance broker Johnson & Johnson, added: “We are very pleased to offer FloodPlus to our partner Agents and we believe that it is a product that can make a real difference to homeowners in the US looking for flood coverage that responds to the real scale of the flood risk to their homes and personal property.”
“The London insurance market has built its reputation on the ability to innovate. FloodPlus is the latest demonstration of our ability to do just that and respond to genuine customer needs,” concluded Powell.
About Hiscox FloodPlus
Available for homeowners across the US with dwelling values of up to $1m, Hiscox FloodPlus can be bought as a standalone cover or alongside Hiscox’s existing homeowners’ cover. Homeowners can choose to take similar limits to their NFIP cover, or elect to buy higher limits.
In addition, the cover offers more comprehensive protection such as:
- alternative accommodation
- cover for outbuildings (even when unattached to the main dwelling) and does not reduce overall indemnity
- worldwide cover for personal property
- ease of administration – no need to obtain flood certificates
- commission paid on whole premium.
For further information go to www.hiscoxlondonmarket.com or email [email protected].
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