By Lavonne Kuykendall
From The Wall Street Journal Online
Bucking the trend of insurers cutting back coverage for homeowners who live in storm-exposed areas, Chubb Corp. said it will begin offering excess flood coverage policies for its upscale customers who live along the coasts of Florida, New York and other states.The new policies cover water damage from hurricanes, storms and other types of flooding and are meant to supplement the National Flood Insurance Program that has largely replaced the private market in first-dollar flood protection.
The offer to cover hurricane flood damage puts Chubb, Warren, N.J., at odds with other insurers, who are cutting back in the area. After a record-breaking 2005 storm season, insurers and risk modeling companies came to believe that coming years will have more hurricanes than average, and that coastal areas as far north as New York could be more vulnerable to a big storm than generally thought.
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