Some homes may not be eligible for full coverage, and sometimes a customer may request just the basics. This product helps you cover most occupancies – a full-time home, rental property, seasonal home, vacant property, and even non-residential structures. The flexible format makes it easy to insure the building and protect a customer from loss.
When to write
- Consideration needed due to condition concerns
- Full coverage not needed or wanted
- Renovation is in process
- Hard-to-find coverage needed such as vacant or non-residential
- Multi-family construction
- Landlord wants to cover up to 10 properties on one policy
- Single family up to a four-family home
- Values up to $300,000 ($1M for vacant)
- No age limit in most states (a 20-year roof age limit typically applies)
- Average condition or better
- Up to three stories
- Town/row homes permitted
- Water damage at 10% Coverage A with $5,000 mold remediation sublimit
- Water backup from drain or sump pump overflow
- Premises liability from $25,000 to $500,000
- Personal property
- Short-term rental, occasional rental
- Theft with resulting vandalism
- Builder’s risk
- Service line failure
- Named peril protection
- ACV settlement, optional full repair cost
- Personal property covered with ACV settlement
Other programs to consider
For a seasonal home or rental property in good to great condition (single to 4-family), look at the Dwelling Special program. It offers open peril coverage and replacement cost protection.
In a few states, an owner-occupied or seasonal home (single or two-family) in good condition can also be quoted in the Homeowners FLEXSM program. It offers a package of protection like you find in an HO-3 policy.
This product or individual options may not be available in your state. Check the program manual for coverage definitions, limits, conditions, limitations, and exclusions.