In an effort to better protect US homeowners from increasing flood risks, Westfield, a property and casualty insurance company, is introducing a new inland flood coverage add-on.
This new option is designed to help bridge the gap in flood insurance for homeowners living outside traditional high-risk flood zones, particularly in areas that are becoming more vulnerable to flash floods.
Developed in collaboration with a global reinsurance company, the new coverage is both affordable and tailored to meet the needs of homeowners in regions where flash floods are becoming more frequent.
The expansion comes at a critical time, as the Federal Emergency Management Agency (FEMA) reports that over 40% of flood insurance claims in 2023 came from properties outside of designated high-risk flood areas.
Westfield’s new inland flood coverage offers these homeowners a valuable tool to safeguard their properties against unexpected and devastating flood events, including those that are becoming increasingly common in areas that were once considered low risk.
By offering this expanded coverage, Westfield aims to ensure that homeowners in previously overlooked areas have access to the protection they need.
In addition to its expanded flood protection offerings, Westfield has pledged a $750,000 donation to the Center for Disaster Philanthropy (CDP), funding efforts focused on flood recovery and mitigation. This donation brings Westfield’s total contributions to CDP to more than $3.5 million since 2016.
The donation allocates $500,000 to support flood recovery and mitigation projects across the US, while $250,000 will go towards addressing flood-related needs through the Atlantic Hurricane Season Fund, which focuses on one of the most underfunded areas of disaster response in the country.
“With increasingly unpredictable weather patterns, flooding is no longer confined to FEMA-designated high-risk areas,” added Steve Butler, AVP, personal lines product management and underwriting at Westfield. “This coverage can enable homeowners’ peace of mind and financial stability in the face of evolving flood risks.”
“As floods increasingly impact communities, Westfield is committed to providing innovative insurance solutions and supporting recovery efforts,” Butler added.
“It can take several months, even years, before families and entire communities are able to rebuild and recover after devastating floods,” commented Patricia McIlreavy, president and CEO of CDP.
“We are grateful for Westfield’s generosity and support of vital programmes, such as rebuilding homes and providing mental health, legal, and disaster case management services, that will help flood survivors recover and thrive.”
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