Wright National Flood Insurance Services, LLC, and Zurich North America have launched a residential private flood insurance program throughout New Jersey.

In a statement, the companies said that it launched this "first-of-its-kind, stand-alone product" in Florida earlier this year, and that it eventually would expand to 10 additional states.

"With changing weather patterns and growing storm intensity across the country, the vast majority of homes are potentially at risk and most property owners need to consider the protection provided by flood insurance," said Greg Massey, head of programs for Zurich North America. "This innovative product offering expands coverage choices and helps bring simplicity to this area of the flood insurance marketplace."

Similar to customization options available in standard personal lines coverages, this is the first flood coverage, admitted and regulated by the state of New Jersey, that allows property owners to tailor their flood insurance policy to their specific needs, according to the companies.

"We are offering flood coverage that is not one-size-fits-all," said James R. Watje, senior vice president of private flood at Wright. "Each home we cover is as unique as the people living in it. That's why we created a product that will not only help protect your home, but also has the flexibility to customize that protection."

Key features of the new coverage include:

  •     No waiting period;
  •     No elevation certificate required;
  •     Higher dwelling limits;
  •     Single deductible;
  •     Automatic replacement cost on both dwelling and personal property;
  •     Loss of use, other structures, and building ordinance coverages; and
  •     Optional resiliency coverage (rebuilding with flood-resistive materials).

"Following the successful launch of our Zurich Residential Private Flood Insurance program in Florida a couple months ago, we are pleased to now be expanding the program to New Jersey and look forward to making customizable flood insurance a nationwide standard as we roll out the program across the country throughout 2020," added Mr. Watje.

Victoria Spears

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].

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