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Hiscox introduces new flood insurance product in US

IBR Staff Writer Published 10 May 2016

Hiscox London Market has introduced a new flood product, FloodPlus, for homeowners in the US.

Through wholesale brokers, Hiscox will distribute the new product, which provides higher limits and a wider scope of cover than policies offered by the existing US government backed National Flood Insurance Program (NFIP).

Currently, the US homeowners are providing flood cover with NFIP limits of US$100,000 for contents and US$250,000 for buildings.

FloodPlus, which will be provided to the customers with values of up to $1m, is available as a standalone cover or alongside Hiscox's existing homeowners' cover.

It also provides a broader cover for personal property plus alternative accommodation, in addition to higher limits.

US broker Johnson & Johnson has already started offering the FloodPlus product to its agency partners.

Hiscox London Market personal lines underwriter Jonathan Powell said: "As we've seen recently with huge floods in Houston, Texas, flood continues to cause devastation to homeowners throughout the US."

Johnson & Johnson chief marketing officer Peter Burrous said: "We are very pleased to offer FloodPlus to our partner Agents and we believe that it is a product that can make a real difference to homeowners in the US looking for flood coverage that responds to the real scale of the flood risk to their homes and personal property."

With the retail businesses in the UK, Europe and the US, the Hiscox Group provides a range of specialist insurance for professionals, business customers and homeowners.