Condominiums and Multi-Family Dwellings

October 25, 2004

Nuts & Bolts: ACE USA enhanced its disaster mortgage protection program by adding coverage for condominiums and multi-family dwellings through its ACE select markets division. ACE select markets provide specialty personal lines products, which are distributed through large specialty agents, alliances and affinity groups, utilizing Internet technology. Disaster mortgage protection is insurance that pays monthly mortgage payments should one’s home become uninhabitable for 48 hours or more due to a covered disaster causing damage to your home. If a disaster makes the residence uninhabitable, disaster mortgage protection coverage will begin to pay your mortgage payments. Payments may be payable for up to two full years while your home is repaired or rebuilt. Additionally, disaster mortgage protection provides added coverage by reimbursing an insured the deductible amount under their primary homeowner policy when there is a reported and covered loss to their property.

Dollars: There are no dollar deductibles. It is required that one be displaced 48 hours before the coverage kicks in. The deductible reimbursement is paid upon validation (proof that the primary homeowners carrier paid a claim). The mortgage payoff is paid once a government agency deems the land uninhabitable. Premiums are based on a percentage of the mortgage amount. The policy limit is up to two years reimbursement of monthly mortgage payments while home is repaired, or up to $100,000 toward outstanding mortgage amount if home is permanently uninhabitable.

Carrier: Affiliated companies of The ACE Group of Companies, rated “A” (excellent) by A.M. Best Company and “A+” (strong) by S&P.

States Available: All except Connecticut.

Contact: Kim Kennedy, (215) 640-5790.

Was this article valuable?

Here are more articles you may enjoy.

From This Issue

Insurance Journal West October 25, 2004
October 25, 2004
Insurance Journal West Magazine

Professional Liability