Zurich Insurance: Helping to Close the Flood Coverage Gap

SCHAUMBURG, Illinois, Aug. 26 -- Zurich Insurance, a property-casualty insurance company, issued the following news release:

Zurich North America and Wright National Flood Insurance Services offer an innovative residential flood insurance option, launching in Florida with plans to expand.

As severe weather events increase in frequency and intensity, flooding is a growing risk in many areas of the U.S. Responding to the needs of property owners facing potentially catastrophic flood scenarios, Zurich North America and Wright National Flood Insurance Services, LLC have collaborated on a first-of-its-kind, stand-alone admitted private flood insurance offering.

With 98% of U.S. counties impacted by flooding,1 new and innovative solutions to flood risks are needed. Zurich and Wright developed the Zurich Residential Private Flood Insurance program to address a significant coverage gap. The program launches exclusively in Florida on September 3, but there are plans to expand it to 11 additional states in the future.

"With changing weather patterns and growing storm intensity across the country, we need to recognize the vast majority of homes are potentially at risk and most property owners need to consider the protection provided by flood insurance," said Greg Massey, Head of Programs for Zurich North America.

By expanding coverage options and offering customization similar to the model of many personal lines of insurance, Zurich Residential Private Flood Insurance gives property owners the flexibility to tailor their flood insurance policy to their specific needs.

As James R. Watje, Senior Vice President of Private Flood at Wright National Flood Insurance Services, explained, "We are offering flood coverage that is not one-size-fits-all. Each home we cover is as unique as the people living in it."

This new insurance offering will be sold exclusively by Wright's partner agents and it is the only admitted stand-alone private flood option currently backed by an insurance provider with an A+ rating from AM Best.2

While the costs of flooding triggered by recent severe weather events have been well documented, it doesn't take a major event to significantly impact property. Just a few inches of water can cause hundreds of thousands of dollars in damage. This coverage offering was created to help residential property owners plan for better outcomes when flood risk becomes a reality.