Nationwide Proposes Enhanced Homeowners Insurance Policy
In recent years, many coastal states have experienced record-breaking catastrophic weather activity. We take our commitment seriously to responsibly manage the company’s catastrophic weather exposure and realize that keeping your home and your family safe is extremely important.
As a major property and casualty insurance company, we also have an obligation to help solve our customers’ problems and provide them with the insurance they want and need. That’s why we’re proposing the creation of an innovative, consumer-friendly homeowners insurance policy to avoid future disputes over whether damage was caused by wind or water.
Authorized by an act of Congress, the proposed Enhanced Homeowners Insurance Policy (EHIP) would combine the wind insurance coverage of a traditional homeowners insurance policy with flood insurance coverage similar to that now offered by the National Flood Insurance Program (NFIP) into one home insurance policy.
The Insurance Information Institute tells us that fewer than 1 in 5 Americans have flood insurance protection. After Hurricane Katrina in 2005, it became clear that consumers want flood and wind insurance in one policy, so they don’t have to worry whether they are covered or not.
Nationwide is proposing a solution that:
- Provides flood and wind coverage in one policy.
- Avoids future disputes over "who pays?" or "no coverage."
- Puts the primary claims paying responsibility for flood damage on private insurance companies.
If authorized, the availability of the Enhanced Homeowners Insurance Policy would better enable customers to get important insurance coverage they don't currently purchase and provide them with greater protection.
Check out the Enhanced Homeowners Insurance Policy
To find out more about this On Your Side® solution, you can access the materials below:
Enhanced Homeowners
Insurance Policy Briefing (pdf)
Enhanced Homeowners
Insurance Policy Homeowners Insurance Policy (pdf)
PDFs require Adobe® Reader®
