The “FloodPlus” insurance product offers higher coverage limits, a wider scope of coverage, and simpler flood definitions than existing policies that often left homeowners with large voids in their coverage gaps.
The current National Flood Insurance Program (NFIP) limits coverages to $100,000 for contents and $250,000 for buildings, restricting homeowners to limited choices for their flood coverage.
FloodPlus can cover dwelling values up to $1 million, reimburse for alternative accommodations, and insure unattached outbuildings without reducing overall indemnity. It will also protect personal property worldwide and offer ease of administration, such as no need to obtain flood certificates.
TWFG will act as a wholesaler working with global insurance specialist Hiscox London Market, based in Bermuda. The agency became a Lloyd’s Coverholder in 2013.
TWFG will continue to offer the NFIP plans to enable policyholders to choose the products that best suit their coverage and financial needs, in keeping with TWFG’s service slogan – “Our Policy is Caring.”
A quick FloodPlus check list is offered by Bunch to agents and customers throughout Texas: •FloodPlus is available statewide in Texas •Coverage is immediate – no waiting period. •Alternative accommodations •Dwelling values up to a maximum of $1 million •Other structures covered at 10 percent of dwelling’s value •Personal property options from zero to 70 percent •Worldwide coverage for personal property