Hiscox London Market has launched a new flood product for U.S. homeowners — FloodPlus. Working with wholesale brokers in the US to distribute the new product, FloodPlus offers higher limits and a wider scope of cover than policies provided by the existing U.S. government-backed National Flood Insurance Program (NFIP).
Hiscox’s FloodPlus coverage uses a simpler definition of what constitutes a flood, as well as broader cover for personal property plus alternative accommodation while the property is being repaired. Available for wholesale brokers to market to their retail broker clients, U.S. broker Johnson & Johnson has already begun to offer FloodPlus to its agency partners.
The coverages is available for homeowners across the U.S. with dwelling values of up to $1 million, Hiscox FloodPlus can be bought as a standalone cover or alongside Hiscox’s existing homeowners’ cover. Homeowners can choose to take similar limits to their NFIP cover, or elect to buy higher limits.
Additional coverage features include:
- Alternative accommodation
- Cover for outbuildings (even when unattached to the main dwelling) and does not reduce overall indemnity
- Worldwide cover for personal property
- Ease of administration — no need to obtain flood certificates
- Commission paid on whole premium.
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange. Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography.
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