Insurance solutions provider Orion180 has introduced Residential Private Flood Insurance in the US state of Florida.
The flood insurance solution leverages advanced risk analysis and customisable policy options to offer homeowners a “smarter alternative” to traditional options, the insurer said in a statement.
The company added that its approach extends beyond Federal Emergency Management Agency (FEMA) flood maps, utilising data-driven underwriting that incorporates third-party flood mapping and property-specific risk assessments for more accurate pricing and coverage tailored to policyholders.
The Residential Private Flood Insurance offers up to $1m in building coverage with a waiting period of ten days or less, compared with the National Flood Insurance Programme managed by FEMA, which provides up to $250,000 with a 30-day waiting period.
Most homeowners can obtain coverage without an elevation certificate, removing the need for additional paperwork or home inspections, the company noted.
The policies comply with FMAC and Federal National Mortgage Association guidelines, ensuring acceptance by mortgage lenders.
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By GlobalDataAdditional coverage includes loss of use, personal property replacement cost, water backup/sump pump overflow, swimming pool cleanup/repair and debris removal.
The insurance applies to all flood zones (X, A and V).
Orion180 CEO Ken Gregg said: “Flooding is a growing concern for homeowners in Florida, and too often, people find themselves underinsured or facing expensive policies with limited options. Our goal is to simplify the process, offer more competitive rates and provide homeowners with superior protection that aligns with their actual risk – not just their zip code.”
Orion180’s Residential Private Flood Insurance is available for purchase as a stand-alone policy in Florida, and in Alabama, Arizona, Colorado, Georgia, Illinois, Mississippi, North Carolina, Ohio, South Carolina and Tennessee.
It can also be added to existing Orion180 surplus lines home insurance in Alabama, Georgia, Mississippi, North Carolina and South Carolina.
In April, Orion180 launched FLEX Home Insurance, an insurance product that covers 14 coastal counties across Florida.
