Wright National Flood Insurance Services (WNFIS) has introduced two private flood insurance products for Virginia residential property owners – The 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.
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 ratings of A- or higher.
The Wright Residential Private Flood Insurance Program is able to pinpoint risk locations house by house.
Other key features of the standalone 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 expanding the flood insurance marketplace in Virginia, Wright will also be offering the Hiscox FloodPlus residential program.
Hiscox FloodPlus offers higher limits, broader coverage for personal property, and a simple definition of what constitutes a flood.
With FloodPlus, property owners can choose the standard 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.
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.
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