Hiscox Re and ILS have announced the launch of a new personal lines flood product designed to help address the flood insurance gap.
“As the market deregulates, the private insurance market has an opportunity to support more customers with flood cover, and Hiscox has designed FloodXtra in close collaboration with US carrier partners,” the company said in a statement.
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While flooding is the most common natural disaster in the US, less than 12% of American homeowners have a flood insurance policy, according to Hiscox. The devastation caused by recent hurricanes reinforced the need to complement the National Flood Insurance Program, the company said. More than 20% of NFIP claims come from homes in low to moderate flood risk areas, where insurance take-up is less than 2%.
The company’s FloodXtra product is designed to help bridge the gap. It includes:
- Competitive pricing and broader-than-standard coverage
- Flexible limit and deductible options
- Fast and efficient underwriting portal
- Straightforward policy wording designed to dovetail with standard home insurance
Learn more about flood insurance at the Future of Flood event being held in Miami, Florida on November 16. Click here for more details and to register.
“Recent events have highlighted the inadequacy of flood insurance provisions in the US,” said Bev Tetlow, Hiscox head of North American underwriting. “The market is deregulating, and the good news for consumers is this will give them a greater choice of flood cover. FloodXtra is part of this solution, allowing our carrier partners and ILS investors to leverage our in-house flood analytics and proprietary technology, which in turn boost US homeowners’ resilience to flood.”
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