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If you live in a home on the East Coast coastline you know how hard it is to get flood insurance. To be honest, most insurance is hard to get and has gotten very expensive. The past few years hurricanes have caused extensive damage and high losses for the insurance agencies. AllState has stopped writing policies as far north as New York and others have followed.

So when Chubb made the announcement they would be writing flood insurance policies, it was news in the housing industry. They are only insuring expensive homes right now, but that is a great start and good news for homeowners in these areas.

But at the same time that homeowners are clamoring for more coverage, “you see carriers making adjustments to portfolios because new catastrophe models are suggesting they are more exposed than they thought they were.”
Chubb customers who decide to add on the coverage will get a bill in the general range of $5,000 to $7,000 annually for $1 million to $2 million of coverage, Mr. Spicer said. That is on top of their regular homeowners policy and federal flood insurance, he said. The policies are available in 15 states and will eventually be available in a few more.
Although the price tag is substantial, he said customers who investigate their national flood coverage are typically receptive to the idea “when they realize how little coverage they get on the government policy,” Mr. Spicer said.
He also said the Chubb policy offered extras such as coverage for additional living expenses if a house is rendered uninhabitable by flooding. via the RealEstateJournal

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