Flood Insurance

Flood Insurance from Prosura

When your property is situated in a flood risk area, it’s traditionally been difficult and expensive to find appropriate insurance. But you can’t live with your home and/or livelihood in the hands of our ever-changing weather.

Not only can flood water devastate your property and possessions, causing thousands of pounds worth of damage, but insurance claims traditionally take months to settle, which causes a lag between a flood event and a claim pay-out. All the while, your property is uninhabitable, forcing you to find alternative accommodation for your family and/or business.

Fortunately, we at Prosura are able to offer a market-leading flood insurance that can see payouts in your bank account within hours, and without the need for anyone to visit the damaged property.

Introducing Parametric Flood Insurance

Parametric flood insurance is changing the market for those in need of flood risk home insurance and landlord insurance in a flood risk area, simplifying the way policies are obtained and pay-outs are made. In a nutshell, it insures the policyholder against the occurrence of an event, not the extent of the damage caused.

It’s an example of ‘Internet of Things insurance’ (IoT insurance), whereby data from internet-connected devices – “things” – can be used to better understand insurance risks.

How does Parametric Flash Flood Insurance work?

Parametric insurance coverage starts with a smart sensor being installed at an agreed point on the outside of your property. The policyholder selects the depth (of the flood water that will trigger the sensor) and the settlement figure when arranging the policy.

As soon as flood water reaches the pre-agreed depth, it triggers the sensor. This automatically alerts the insurance provider, via a wireless connection, that a flood event has occurred and the policyholder receives the settlement money.

It is up to the policyholder how to spend this money: repairs, replacing damaged possessions or stock, or paying for alternative premises/accommodation.

What are the benefits of a Parametric Insurance Policy?

Parametric insurance solutions are a revelation for homes and businesses that are at the mercy of weather-related events.

With parametric cover, there’s no need to prove an actual loss has occurred. This removes the need for a loss adjuster to visit the property to verify a claim, eradicating the delays suffered with traditional insurance.

Parametric insurance products pay out based on a pre-determined event occurring. This results in a speedier settlements for the policyholder, helping to recover from the damage much more quickly.

Why contact Prosura for Parametric Insurance?

Prosura prides itself on being an independent broker, with access to specialist parametric insurance products that’ll exceed your expectations.

Our high-quality parametric insurance is built on years of experience in the insurance sector and in-depth industry knowledge, delivered to you in a simple, jargon-free way.

To discuss your requirements for business and/or home insurance quotes for flood risk areas, please get in touch with the Prosura team today.

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