In response to the deregulation of the U.S. flood insurance market, Hiscox London Market has launched a new flood product for U.S. homeowners: FloodPlus.
Hiscox said in a statement that 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 U.S. government-backed National Flood Insurance Program (“NFIP”).
Commenting on the new product, Jonathan Powell, the 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 U.S. 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 U.S. homeowners who want more comprehensive flood coverage through a simple flood definition, higher limits, and broader coverage.”
Peter Burrous, the 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 U.S. looking for flood coverage that responds to the real scale of the flood risk to their homes and personal property.”
Learn more: www.hiscoxgroup.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].