Wright flood insurance review: Comprehensive coverage

Wright flood insurance is among the best on the private market thanks to its affordable rates, numerous coverage options, and little to no waiting period.

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By

Pat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Edited by

Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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Wright flood insurance

Wright flood insurance logo

Policygenius rating

Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
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4.9

AM Best rating

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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The bottom line

Wright is one of the premier flood insurance companies in the business, offering several different primary and excess flood insurance policy options for a variety of homes and income levels at competitive rates. Until relatively recently, Wright was primarily a marketplace for purchasing flood insurance through the National Flood Insurance Program (NFIP) and supplemental excess coverage through its non-admitted carrier partners that aren't financially backed or regulated by the state. 

However, that all changed in 2020 with the launch of ResiFlood — Wright’s own state-admitted private flood insurance policy option. It boasts up to $1 million in coverage for your home and no waiting period for coverage to take effect. Even more, it’s financially backed by Zurich Insurance — a company that currently holds down an “A+” credit rating with AM Best. 

Perhaps the best part about ResiFlood is how its base policy comes with several coverages that often cost extra with other companies, including loss of use coverage, building ordinance protection, and replacement cost claim payments if your personal belongings are damaged by flooding.

While only available in 12 states, Wright plans to expand ResiFlood into several other states in the near future. And if you live in a state where its standalone private flood insurance option isn’t available, Wright may be able to set you up with flood insurance through the NFIP or one of its excess and surplus lines carriers.

Learn more >> Wright named Policygenius' Best Flood Insurance Company for Affordable Rates

Pros

  • Affordable flood insurance rates thanks to its mix of partner carriers and policy options

  • Up to 5 different customizable flood insurance policy options with high coverage limits in all 50 states

  • Now offers its own private flood insurance policy with high maximum limits, no waiting period or elevation certificate (EC) required, and several additional coverages

Cons

  • Wright’s admitted private flood insurance option is only available in 12 states

  • Has two different websites, which may cause confusion

  • Transparency and clarity about its flood insurance policy options could use some work

Basic coverages offered

Through ResiFlood, its admitted private flood insurance policy option, Wright offers the following coverages to protect your home, possessions, and other expenses due to flood damage.

  • Dwelling: Also known as building coverage, this is the portion of flood insurance that pays to rebuild or repair the structure of your home if it’s damaged by flooding. Wright offers up to $1 million in dwelling coverage — significantly higher than the maximum limit of $250,000 through the NFIP.

  • Personal property: This is the portion of flood insurance that reimburses you for flood damage to personal belongings inside your home. Wright allows for a maximum of $250,000 in personal property coverage, or you can set it at an amount equal to 50% of your dwelling limit.

If you get flood insurance with Wright, the following additional coverages are also included in your base policy:

  • Other structures: Pays to rebuild or repair additional structures on your property, like a detached garage or gardening shed, if they’re damaged by flooding. Wright offers up to $50,000 in other structures coverage, or you can set it at 10% of your dwelling limit.

  • Loss of use: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses after a covered loss if you need to live elsewhere while your home is being repaired or rebuilt due to flood damage. Wright lets you purchase up to $50,000 in coverage, or you can set it at 20% of your dwelling limit.

  • Replacement cost contents: Pays to replace your personal belongings with new items, regardless of depreciation or wear and tear.

  • Ordinance or law: Pays the extra cost of getting your home up to code after a covered loss.

Ratings methodology

Price

5.0/5

Our price rating scale looks at the average cost of a standalone flood insurance policy with the carrier based on pricing data from the National Association of Insurance Commissioners (NAIC). Wright earns the highest price rating possible thanks to its average annual flood insurance premium of $470. 

Customer experience

5.0/5

Our customer experience scale uses customer complaint data from the NAIC. We also considered each company’s waiting period, which is the number of days before your flood insurance coverage takes effect after you purchase the policy. Wright earned a perfect score in this category thanks to the number zero, which is both the number of complaints it received in 2022 and the waiting period for a ResiFlood policy.

Coverage options

3.3/5

Our coverage options rating is based on both the quantity and quality of additional coverages and policy options offered by each company. It also takes into account the carrier’s coverage availability and whether it offers coverage in flood-prone states like Florida, Texas, Louisiana, California, or New Jersey. While Wright offers policy options from other carriers and the NFIP in all 50 states, for Wright’s rating we only considered its admitted private flood insurance option ResiFlood. Because ResiFlood is available in just 12 states, Wright’s coverage options rating is slightly lower than some of its competitors.

Financial strength

4.3/5

Our financial strength rating is based on the company’s AM Best rating — the industry-leading metric to measure a company’s financial strength and ability to pay out flood insurance claims. Wright’s private flood policy option is backed by Zurich, a company with an “A+” rating with AM Best, the second-highest a company can receive.

Additional policy options

In addition to ResiFlood, Wright also sells NFIP flood insurance and speciality flood insurance — such as excess and high-value home flood policies — through its carrier partners Lloyds, Chubb, and Hiscox. 

Here’s how Wright’s main flood insurance policy compares to its specialty policy offerings:

Wright ResiFlood

Hiscox

Chubb

Wright Excess Flood

Policy type

Primary

Primary

Primary

Excess

Dwelling

Max of $1 million

Max of $1.25 million

Max of $2 million for both dwelling & contents

Max of $1.75 million

Personal property

50% of dwelling limit, max $250,000

Max of $875,000

70% of dwelling limit

Max of $100,000

Other structures

10% of dwelling limit, max of $50,000

10% of dwelling limit

Not available

Not available

Loss of use

20% of dwelling limit, max of $50,000

20% of dwelling limit

Up to $5,000 (where available)

Not available

Deductible options

$1,000 to $20,000

$1,000 to $25,000

$1,000 to $50,000

Not available

Other details

No EC or waiting period, replacement cost settlements

7-day waiting period unless for a mortgage, no EC required

7-day waiting period unless for a mortgage, NFIP coverage forms

Excess coverage for NFIP policies, no EC required, 30-day waiting period unless for mortgage

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How much does Wright flood insurance cost?

The average cost of a standalone flood insurance policy with Wright is $470 per year, according to our 2023 analysis of private flood insurance pricing data from the National Association of Insurance Commissioners (NAIC). This is based on 17,157 policies and roughly $8 million in written premiums. 

However, your own rates will vary depending on factors like your home's flood zone, elevation, and how much coverage you need.

Compare flood insurance quotes with top insurers in minutes

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Wright flood insurance state availability

Wright offers NFIP flood insurance in all 50 states and Washington, D.C., non-admitted excess and primary flood insurance in 40 states, and an admitted private flood policy option in the following 12 states: 

California, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, North Carolina, Pennsylvania, South Carolina, Texas, and  Virginia.

Wright vs. NFIP flood insurance

Wright private flood insurance is an alternative to the National Flood Insurance Program (NFIP) — a federal government-backed program run by the Federal Emergency Management Agency (FEMA). The NFIP provides around 90% of residential flood insurance policies. [1]

However, the NFIP’s low coverage limits, 30-day waiting period, and minimal available coverage add-ons have made private flood insurance an increasingly popular option.

Compare Wright flood insurance to the NFIP to decide which policy makes the most sense for you:

Wright ResiFlood

NFIP

Average annual cost

$470

$939

Maximum dwelling limit

$1 million

$250,000

Maximum personal property limit

$250,000

$100,000

Replacement cost dwelling

Included in base policy

Included

Replacement cost contents

Included in base policy

Not offered

Loss of use 

Included in base policy

Not offered

Debris removal 

Covered

Covered

Basement contents

Not covered

Not covered

Waiting period

0 days

30 days

Highest deductible option

$20,000

$10,000

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Learn more >> Private flood insurance vs. NFIP: Which is better?

What to expect with Wright flood insurance

  • How to get a quote: You have two options for getting a Wright flood insurance quote: by calling them at 866-373-5663 or emailing them at floodmarketing@weareflood.com

  • Customer service options: If you need to get in touch with Wright customer service, you can call them at 800-820-3242 or by emailing customerservice@weareflood.com

  • How to file a claim: You can file a Wright flood insurance claim by calling your insurance agent directly via the number shown on your policy. You can also call Wright Flood’s general claims processing number at 800-725-9472.

  • How to cancel your policy: You can cancel your Wright flood insurance policy by calling your agent at the number provided on your policy declarations page.

Wright vs. other flood insurance companies

Compare Wright flood insurance to other insurers in the industry:

Company

Policygenius rating

AM Best rating

Cost

Wright flood insurance

4.9/5

A+

$

Neptune

5.0/5

A

$$

Neptune flood insurance

5.0/5

A

$$

Palomar

5.0/5

A-

$$

Palomar flood insurance

5.0/5

A-

$$

Chubb

4.9/5

A++

$$$$$

Chubb flood insurance

4.9/5

A++

$$$$$

National General flood insurance

4.9/5

A+

$$$

Wright

4.9/5

A+

$

Allstate

4.7/5

A+

$$$

Allstate flood insurance

4.7/5

A+

$$$

Homeowners of America

4.6/5

A

NA

Kin

4.4/5

NA

$

Kin flood insurance

4.4/5

NA

$

Universal North America

4.4/5

A-

$$

Frontline

4.1/5

A-

NA

Security First Insurance

4.1/5

A

$

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Frequently asked questions

What is the financial rating for Wright Flood?

Wright non-admitted specialty flood insurance policy offerings are financially backed by companies with at least an “A-” rating or higher from AM Best. And its admitted private flood insurance policy ResiFlood is backed by an insurer with an “A+” rating from AM Best.

Is Wright flood insurance through FEMA?

Wright offers flood insurance that’s both privately written and backed, as well as government-backed policies through the NFIP — a program that’s funded and run by FEMA.

What is the difference between primary and excess flood insurance?

Primary flood insurance is a standard policy that covers flood damage on a “first dollar” basis — meaning coverage kicks in immediately after a covered flood event — while excess flood insurance covers the rest of your claim in case you max out your primary flood policy limits. Excess flood insurance is usually purchased in addition to an NFIP policy for homes that require more than just $250,000 in dwelling coverage.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. Wharton Risk Management and Decision Processes Center

    . "

    The National Flood Insurance Program: A Primer

    ." Accessed April 26, 2023.

Author

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

Editor

Jennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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