Texas’ Flood Insurance Marketplace Expands with Wright’s Launch of Exclusive, Admitted Product

First-of-its-kind residential private flood coverage available starting December 14

Wright National Flood Insurance Services has announced its expansion in Texas with the introduction of an exclusive, admitted, stand-alone flood product: Wright Residential Private Flood Insurance. It is available to residential property owners beginning December 14, 2020.

Wright Residential Private Flood Insurance can be purchased to protect homes against the risk of Texas flooding since most property policies do not cover the peril of flood. It will be sold exclusively by Wright’s partner agents, and it is one of the first flood products that is filed and approved by the Texas Department of Insurance while being supported by an insurance provider with an A- (Excellent) rating from AM Best¹.

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 stand-alone flood insurance include:

• Admitted and approved by the Texas Department of Insurance
• 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 coverages
• Optional Resiliency coverage (rebuilding with flood-resistant materials to decrease the impact of future floods)

“Recent and devastating events such as Hurricanes Harvey and Sally, along with record-high water levels in Texas, Louisiana and the Midwest, have caused billions of dollars in flood damage both in high-risk and lower risk flood zones,” said James R. Watje, senior vice president of Wright National Flood Insurance Services. “Mother Nature doesn’t follow the lines on a flood map, which is why we’ve harnessed the power of technology to augment the flood insurance marketplace with the creation of this admitted, comprehensive and customizable residential private insurance offering.”