The private-client division of American International Group Inc. in New York said Monday that it will add flood coverage to eligible homeowner policies.
The first states where this coverage enhancement has been made available are Colorado, Illinois, and Massachusetts.
AIG's private-client group will supply flood coverage to properties in low- to moderate-risk areas. The coverage includes compensation for damage to basement finishes and settlement for losses on a replacement-cost basis. Furthermore, the new program allows for reimbursement of additional living expenses and responds to a single-location event.
The company offers insurance products and services to help meet the needs of high-net-worth individuals and their families.
