The new product officially launched on September 21st
A new, first-of-its kind residential flood proprietary product – Zurich Residential Private Flood Insurance, has launched in Massachusetts. The product is joint venture between Wright National Flood Insurance Services LLC and Zurich Insurance and is now available in the commonwealth as of September 21, 2021.
“Our mission is focused on expanding the flood insurance marketplace with the addition of innovative private flood offerings that are as unique as the homes they were created to cover,” said James R. Watje, senior vice president of private flood at Wright National Flood Insurance Services. “We are happy to provide Massachusetts property owners with the flexibility to customize their flood insurance policy to their specific coverage needs.”
“Our Residential Private Flood Insurance product is designed with the flexibility to customize flood protection to the individual needs of each Massachusetts property owner,” Watje said. “Many homeowners policies don’t cover flooding. Considering that 98 percent of counties in the U.S. have been impacted by flooding events, it’s vitally important to be prepared.”
Zurich’s Residential Private Flood Insurance is a new standalone flood insurance product that is being sold exclusively through Wright’s partner agents. It is also one of the first flood-only products both filed and approved by the Massachusetts Division of Insurance. The product is also backed by Zurich’s AM Besti A+ (Superior) XV rating.
Greg Massey, Zurich North America’s head of programs, points out that this program provides multiple choices for homeowners and is simple to understand.
“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,” Massey said. “This innovative product offering expands coverage choices and helps bring simplicity to this area of the flood insurance marketplace.”
Can ‘pinpoint risk locations house by house’
According to the companies, this new product stands apart from other flood insurance offerings in that it uses advanced technology, risk selection and model-based rating methods, to pinpoint risk locations ‘house by house’. As a result, it can offer a custom-tailored coverage down to an individual address.
In addition, other key features of this stand-alone flood insurance product include:
- Admitted and approved by the state’s Department of Insurance
- Quoted in less than 2 minutes, bound in less than 5
- No waiting period
- No elevation certificate required
- Higher dwelling limits (up to $1 million)
- Single deductible
- Automatic replacement cost on both dwelling and personal property
- Loss of Use, Other Structures, and Building Ordinance coverage
- Optional Resiliency coverage (rebuilding with flood-resistant materials to decrease the impact of future floods)
In addition to Massachusetts, the product is also available in Florida, New Jersey, South Carolina, Virginia, and California, with anticipated plans to expand to additional states.
