We had some exciting news from one of our most innovative insurance carriers this week. Starting this spring, a Flood Endorsement will be available for all home insurance policies with XYZ Insurance (not the carrier’s real name because this product is still confidential).
What does this mean? Well, instead of purchasing a separate flood policy through the NFIP, homeowners will be able to add flood coverage to their home insurance.
Remember the old days when you had to purchase separate home insurance and wind insurance policies? Nowadays, most carriers combine these coverages in the same policy, even in coastal areas. Continuing this trend towards value and simplicity, the same thing is going to happen with flood!
XYZ Insurance is set to be the first company to “go live” with this endorsement, but it seems likely that other companies will follow suit because it makes so much sense for consumers.
XYZ Insurance’s new Flood Endorsement will offer:
- Choice of flood coverage levels up to the limits of the home insurance policy (in other words, not limited to $250,000).
- Full Replacement Cost coverage, including for your personal property.
- Loss of Use coverage (for hotel stays and living expenses while your home is flooded).
- Claims handled by XYZ Insurance adjusters (not FEMA).
- Premiums likely to be lower than NFIP policies (in Preferred zones, probably around $150-$300 per year depending on coverage level).
So, when will this coverage be available to you? Watch this space for updates, or contact your agent at Memorial Insurance for more information!