Everyone needs to recognize that they are exposed and should dispel the thought that they’re safe because they don’t live directly next to the ocean or a river.”įor instance, Sacramento is second only to Louisiana as having the most catastrophic exposure to flooding because of failing levees than any other city in the country. “In California, there really needs to be an ‘everyone is in a flood zone mentality.’ Whether you’re close to a river, a stream, storm drains, levees or culverts that redirect rainwater, you’re at risk. “That way a homeowner can see that it’s an affordable program, easy to purchase and readily available to most property owners in the state.” Watje stressed the importance of receiving a flood quote and understanding your risk. Flood can come from multiple sources, and it requires insurance protection that is flexible and adaptable to each property owners’ needs.”

California doesn’t have hurricane or surge exposure, but it does have coastal and surface flooding, flash and mudslide exposure, river flooding, dam failure and even a significant and sometimes overlooked risk of water main breaks in city streets. “When you think of flooding, others tend to think of Florida, which is hurricane and storm surge exposed. “Because of the varied topography and climates, California is unique from a flood perspective,” Watje said. It’s not comprised of one geographic landscape, but rather multiple ecosystems of oceans, rivers, mountains, hillsides, deserts, and farmland among other environments. The very nature of the makeup of California is unique. This endorsement pays for the extra expense of putting in the more resilient materials.” “The unique part of our resiliency coverage is that it allows the property owner to rebuild, repair or replace building elements with flood-resistant materials. Watje emphasized that the resiliency coverage is an exclusive game-changer for flood coverage in California.

Optional Resiliency coverage (rebuilding with flood-resistant materials to decrease the impact of future floods).

Loss of Use, Other Structures, and Building Ordinance coverage.

Automatic replacement cost on both dwelling and personal property.

Financial security of Zurich’s A+ (Superior) XV AM Best rating.

Higher dwelling limits (up to $1 million).

Admitted and approved by the California Department of Insurance.

Quoted in less than 2 minutes, bound in less than 5.

Zurich Residential Private Flood Insurance will be sold exclusively by Wright’s partner agents. With Californians being exposed to climate change, increased frequency and severity to weather events, and flash flood risk to wildfire scarred hillsides, the introduction of an affordable, easy to understand and purchase flood protection is the right solution coming to market at the right time. In a nutshell, it means that premiums are consistently applied across all classes of similar properties and customers.įlood insurance has historically been considered unaffordable and difficult to obtain. That review and approval provides the confidence to consumers that the rates are actuarily sound, fair and non-discriminatory. “It’s reviewed, approved and then ultimately regulated by the California Department of Insurance. “An admitted product like this provides the stability and long-term viability to this exciting new product,” he said. It also comes with continuous oversight from the California Department of Insurance to regulate coverages and pricing. Watje emphasized that the product is “admitted,” which requires state approval before being offered for sale. It has a global reputation as not just a financially secure insurance company, but also as a socially conscience organization that is focused on resilience, community support and rebuilding after catastrophic losses.” “Zurich is an international expert in the catastrophic insurance space, both in terms of an understanding and recognition of risk, and the security that needs to be behind the program. Watje, Wright’s senior vice president of private flood. “From a carrier perspective, you couldn’t find a more financially secure insurance company than Zurich,” said James R. It was previously launched in Florida, New Jersey, South Carolina and Virginia, with anticipated plans to expand to an additional 10 states.

It will provide a first-of-a-kind, stand-alone product to California consumers. Wright Residential Private Flood Insurance Services LLC and Zurich Insurance will launch the Zurich Residential Private Flood Insurance program beginning April 15, 2021. Senior Communications Manager, Wright FloodĬalifornia homeowners can soon reap the benefits of an admitted, private flood insurance program that offers flexible and customizable coverage, financial security and simplicity to the marketplace.

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