Virginia’s Flood Insurance Marketplace Exp ands with New Private Flood Coverage from Wright National Flood Insurance Services
Wright Residential Private Flood Insurance and Hiscox FloodPlus programs available starting August 10
Wright National Flood Insurance Services (WNFIS) today announced the introduction of two private flood insurance products to Virginia residential property owners to help address the state’s flood protection needs: Wright Residential Private Flood Insurance Program and Hiscox FloodPlus. The company now offers Hiscox FloodPlus in a dozen states and Wright Residential Private Flood Insurance in four states, with plans to continue expansion throughout the U.S.
“WNFIS’ mission is focused on exp anding 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 Wright National Flood Insurance Services. “We are pleased to provide Virginia property owners with the flexibility to custom tailor their flood insurance policy to their specific coverage needs.”
The Wright Residential Private Flood Insurance Program, which was previously launched in Florida, New Jersey and South Carolina, is offered exclusively by Wright’s partner agents and is backed by insurance carriers with AM Best[i] ratings of A- (Excellent) or higher.
Thanks to its use of advanced technology, risk selection and model-based rating methods, the Wright Residential Private Flood Insurance Program can pinpoint risk locations house by house and thereby deliver a highly flexible coverage offering. Other key features of this first-of-its-kind st andalone flood insurance 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
- Optional Resiliency coverage (rebuilding with flood-resistant materials to decrease the impact of future floods)
Further exp anding the flood insurance marketplace in Virginia, Wright will also be offering the Hiscox FloodPlus residential program.
Hiscox FloodPlus meets specific needs in flood coverage by featuring, among other things, higher limits, broader coverage for personal property, and a simpler definition of what constitutes a flood than policies provided by other national flood insurance programs.
With FloodPlus, property owners can choose the st andard NFIP level limits, or choose higher value limits for dwelling and contents coverage with flexible deductible options.
Additional Hiscox FloodPlus features include:
- Coverage for outbuildings (not just detached garages) without reducing overall indemnity
- Coverage for the dwelling, materials and supplies on or next to the residence premises (not restricted to fixed property)
- Coverage for trees, shrubs, and plants
- No stipulation that materials and supplies are within a fully enclosed building
- Personal Property coverage while anywhere in the world
- Alternative accommodations
Wright Residential Private Flood Insurance Program and Hiscox FloodPlus are available for owners with dwelling values up to $1 million and $1.25 million, respectively.
[i] A.M. Best’s ratings are under continuous review and subject to change and/or affirmation. For the latest Best’s Ratings and Best’s Company Reports (which include Best’s Ratings), visit the A.M. Best website at www.ambest.com.
To learn more about private flood insurance, find a Wright agent, or become a Wright partner agency, please visit www.wrightflood.com.
Questions? Agents in Virginia, please contact Cara Calafiore at firstname.lastname@example.org or (727) 568-7607.
Non-resident Virginia agents, please contact your Wright Flood Regional Sales Manager or call Flood Marketing at (866) 373-5663.
About Wright National Flood Insurance Services, LLC
Wright National Flood Insurance Services, LLC (WNFIS) provides private flood insurance products in 12 states with plans to continue expansion, building out the flood insurance marketplace. WNFIS offers Wright’s Excess Flood coverage in 42 states and is a Coverholder at Lloyd’s, offering several excess and surplus lines products with AM Best A- (Excellent) rated carriers. Contact Wright National Flood Insurance Services, LLC, at 1-866-373-5663 for more information.
About Hiscox London Market
Hiscox is one of the largest and longest established Lloyd’s syndicates. From flood cover for US homeowners to oil rigs in the Gulf of Mexico, Hiscox offers a dynamic blend of insurance capacity and underwriting experience, whatever the size and complexity of the risk. Syndicate 33 has an A (Excellent) rating from A.M. Best. Hiscox Syndicate 33 and Hiscox Syndicate 3624 also benefit from Lloyd’s own ratings, A (Excellent) from A.M. Best, A+ (Strong) from St andard & Poor’s and AA- (Very Strong) from Fitch.