HOMEOWNERS “CHEAT SHEET”
Effective immediately, we are making some changes to our Homeowners book of business. We will be encouraging low value homeowner policyholders to insure their homes at a higher actual cash value, as we insure a large book with low value coverage amounts. We are also looking to decrease some of the higher valued homes as well. We are looking to have our maximum coverage amount at $250,000., which will make this a more manageable book for us. We will grandfather in current HO policies that are in excess of $250,000. Currently, our HO loss ratios have been high for several years and this is the time for us to revamp our program in order to make the program profitable.
We are revising our Homeowners guidelines to include the following changes:
LIMITS:
Coverage A, Protected $250,000
Coverage A, Semi Protected $250,000
Coverage A, Unprotected $100,000
Seasonal $100,000 ML1 only
New Home Credit 0-10 years – 10%; 11-20 years-5% credit
Coverage L, Liability $300,000
Non-payment history None
Prior cancellations No cancellations by prior carrier
Claims history Zero losses in 5 years - On existing policies – all claims history will be reviewed and underwritten accordingly.
Dogs No aggressive dogs
Pools Must be fenced in, locked gate
MUST SUBMIT: Properly completed application – fill in all blanks
Digital photos
Replacement Cost Estimator
Update form
NEW FORMS: ID Theft, Equipment Breakdown, Service Line Coverage-included. ML-124, Roof Surface ACV Loss Settlement (Windstorm or Hail)
CAN’T WRITE: *NO ML-3 on Flat Roof, ML-2 is okay.
REJECT IF: Row house, mobilehome, student housing, renovation risk, daycare exposure, FUSED ELECTRIC.
MAINTENANCE:
Siding-Must be painted/sided.
Roof-no patches or damage.
Wiring-must have circuit breakers.
Plumbing-Copper, PVC
Heating-Central Heat is required (ML-1 is available.)
Porches & Steps-no broken boards, rails
Sidewalks & Driveways-level, no holes, clean
2014-12 rev
No exterior debris, junk cars, etc.
Woodstoves-professionally installed
Chimneys-no loose bricks, mortar, must be flue lined
Smoke detectors-required
Carbon monoxide detectors-required
$25 Auxiliary fuel source charge (per each)
2014-12