What is the product?

FloodFLEX: a product designed to help with resilience post a flood event. It is an endorsement to the flood policy that provides anywhere from 10% to 100% of the flood policy limit to be used for ancillary expenses not covered by the definition of loss in the flood policy.

It is available for both personal and commercial flood.

How does it support green outcomes?

Flooding is the most common and costly natural disaster in the United States, with 90% of all natural disasters in the U.S. involving flooding. However, due to low flood insurance penetration and limited traditional coverage, most property owners and affected communities are left “high and dry.”

Additional coverage and recouped losses provided through FloodFLEX can be used for rebuilding damaged buildings to be more resilient to flooding, a critical risk mitigant not provided via standard flood policies.

How does it enable customers today?

The FloodFLEX payout is tied to the building loss, and payments are made instantly with no additional adjustment period needed. By providing additional coverage, rapidly distributing loss payments, and reducing out-of-pocket expenses, FloodFLEX enables communities to recover faster and more effectively.