Homeowners of America Insurance Co. (HOAIC), a Texas-based property and casualty insurance company, is expanding its products to offer flood insurance to its policyholders in Texas.
Homeowners of America flood insurance will be offered through a private label partnership with Wright Flood, the nation’s largest flood insurance provider
Within the first 90 days after Superstorm Sandy hit the Northeast, Wright Flood closed or advanced payment to nearly 70 percent of its 20,000 claimants; while the flood industry was generally criticized for a closed claim rate that reportedly reached just 30 percent, according to HOAIC’s announcement.
Wright Flood, previously Fidelity National, is a subsidiary of Wright Insurance Group.
Source: Homeowners of America Insurance Co.