TWFG offers Texas expanded 'FloodPlus' insurance choices

THE WOODLANDS, Texas -- In response to the property destruction suffered by hundreds of its clients and thousands of Texas homeowners who were impacted by recent catastrophic Texas floods, Richard “Gordy” Bunch, president and CEO of The Woodlands Financial Group (TWFG) has reached out to his professional association with syndicated members of Lloyds of London to bring expanded flood insurance products to the state of Texas.

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. According to Bunch, 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. Bunch said he searched for innovative ways to offer improved and increased financial protection to Texas homeowners, one of the states where his company is ranked number one in Personal Lines (homeowners and auto) insurance.

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, one of the oldest, biggest, and most successful of the Lloyd’s syndicates. TWFG became a Lloyd’s Coverholder in 2013. Bunch said he 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

Commenting on the new product, Daniel Alpay, Personal Lines Underwriter for Hiscox London Market, said: “As we’ve seen recently with huge floods in Houston, Texas, floods continue to cause devastation to homeowners throughout the U.S. Once again consumers are finding their flood coverage woefully short of what they actually need with insufficient limits, no option for alternative accommodation, and a narrow definition of what constitutes a flood. Following deregulation of the market, we’ve been able to put together a product that brings the best of the London Market to the benefit of U.S. homeowners who want more comprehensive flood coverage through simple flood definition, higher limits, and broader coverage.”