Home insurance specialists Cherish, part of Global Risk Partners (GRP), have launched an innovative new “economy” home insurance product with access to Flood Re, specifically designed for households who may struggle to afford the higher prices normally associated with specialist home insurance.
Cherish Lite is only available through brokers, enabling them to offering a product not readily available elsewhere in the market to clients who couldn’t previously obtain flood cover, with a low flood excess of just £250.
By removing non-essential cover such as personal possessions, accidental damage, business and garden equipment, Cherish Lite offers a much more affordable option for home insurance that still protects clients with the important cover they need, underwritten by AXA.
Suitable for properties up to 4 bedrooms, the product is backed by wide acceptance criteria for hard to insure homes such as non-standard construction, subsidence history and importantly those with a high flood risk.
As with its full range of standard and non-standard household policies, Cherish Lite is available with Flood Re cover,
Alan Johnson, Managing Director of Cherish Insurance Brokers said: “I am delighted to provide our brokers with an affordable specialist household insurance product that will enable them to provide much needed cover for people living in properties adversely affected by flood or subsidence who may currently be financially disadvantaged.
“It is vitally important that as many households as possible have access to home insurance to help protect them from devastating events that could leave then homeless or in dire financial straits.
“Cherish was one of the first to provide brokers with access to Flood Re when it launched in 2016 and Cherish Lite now offers the same access to people who may not have been able to afford this before.”
Clive Nathan, Chief Executive, Underwriting at GRP added: “The launch of Cherish Lite could not be more timely as we deal with the impact of the Coronavirus pandemic. People may have lost their job or be facing a reduced income and need to cut costs but they still require essential protection for their home.
“This innovative new product is a further example of how GRP delivers market leading solutions for its brokers through our specialist underwriting agencies such as Cherish.”