Wright National Flood Insurance Services has introduced an exclusive, admitted, stand-alone flood product in Texas: Wright Residential Private Flood Insurance.
The product, which became available on Dec. 14, will be sold exclusively by Wright’s partner agents. The company said it is one of the first flood products that is filed and approved by the Texas Department of Insurance while being supported by an insurance provider with an A- (Excellent) rating from AM Best.
By using advanced technology, risk selection and model-based rating methods, the Wright Residential Private Flood Insurance Program can pinpoint risk locations house by house and thereby deliver a highly flexible coverage offering, the company said.
Other key features of this first-of-its-kind stand-alone flood insurance include:
- Admitted and approved by the Texas Department of Insurance
- No waiting period
- No elevation certificate required
- Higher dwelling limits (up to $1 million)
- 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)
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.
Source: Wright National Flood Insurance Services LLC
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