Nuts & Bolts:
The private client group of American International Group has a product that adds flood coverage to certain homeowners’ policies. This move is aimed at properties located in low- to moderate-risk areas the government-designated B, C and X flood zones and is being launched initially in Colorado, Illinois and Massachusetts. Included in the coverage is payment for damage to basement finishes and settlement for losses on a replacement cost basis, and the new program allows for reimbursement of additional living expenses and responds to a single-location event. It will respond to damage caused by overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source and mudflow.
Dollars:
Premiums and deductibles are based on individual risk characteristics. Limits are $250,000 for dwelling and $100,000 for contents.
Carrier:
American International Insurance Company rated “A++” by A.M. Best, admitted.
States Available:
Colorado, Illinois and Massachusetts
Contact:
Keith Self, keith.self@aig.com.
Topics Flood
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