Orion180, a provider of insurance solutions, has recently announced the launch of its new Residential Private Flood Insurance product.
Orion180’s Private Flood Insurance product provides customisable and extensive coverage options for homeowners across all flood zones.
Designed with the flexibility to meet the specific needs of both agents and policyholders, it pairs competitive pricing with policy options that can seamlessly integrate with Orion180’s surplus lines homeowner product.
This insurance is recognised by all mortgage lenders and offers several benefits compared to the FEMA-administered National Flood Insurance Program (NFIP).
Notable advantages include higher coverage limits, faster claim processing, and added features such as temporary living expenses. Unlike the NFIP’s standard cap of $250,000 for property and $100,000 for contents, private policies often exceed these thresholds, with some offering limits up to $4 million.
Additionally, private insurers often use advanced risk assessment tools, leading to potentially lower premiums and shorter waiting periods for coverage activation
The Orion180 program accepts single-family home building coverage up to $1 million with only a 10-day waiting period or less if required for closings or mortgage requirements, contrasting to NFIP coverage of only $250,000 with a 30-day waiting period.
Offering complete home and contents coverage, the Orion180 Flood Insurance Program allows policyholders to have the flexibility to design and choose the protection they require.
Orion180 Flood Insurance includes a range of coverages not offered by the National Flood Insurance Program (NFIP), such as “loss of use” protection, replacement cost coverage for both the home and its contents, loss prevention measures, and debris removal. Additional options include coverage for water backup, sump overflow, and swimming pool cleanup or repair. Policies are structured to protect critical elements such as the home’s structure, foundation, major systems, furniture, appliances, valuables, and electronics, up to specified limits.
Customers can choose to purchase Orion180 Flood Insurance as a standalone policy or add it to their existing Orion180 surplus lines homeowner insurance. Elevation certificates are not required, and separate flood policies often do not need inspections. Orion180 utilises advanced technology to assess risk characteristics, ensuring accurate evaluations and fair pricing.
Currently, the Orion180 Flood Insurance Program is available in Alabama, Arizona, Colorado, Georgia, Illinois, Mississippi, North Carolina, Ohio, South Carolina, and Tennessee, with plans to expand into additional states in 2025.
