Foremost Insurance Group is expanding its Dwelling Fire program in Vermont effective September 1, 2010 and is introducing new Dwelling Fire policies and endorsements specifically designed for landlord, owner-occupied or vacant properties. Foremost targets landlord and rental property customers with new, larger discounts, broadened underwriting and the new Landlord Platinum Package.
All new business will be written on the new Dwelling Fire One or Dwelling Fire Three policies, while current customers will be moved into the new program at renewal.
Some of the changes to the Dwelling Fire program include:
- Financial responsibility scores are being used as a rating parameter for landlord business with a discount of up to 20% for superior financial responsibility (new business only).
- Rental properties up to 15 years old may qualify for an age-of-home discount of up to 25%.
- Customers with another personal lines or qualifying life policy with Foremost, Farmers, Bristol West or 21st Century may qualify for a discount.
- Landlords with multiple properties insured with Foremost may qualify for a discount of up to 10%.
- Unique discounts for landlords who belong to a landlord association, use a property management company and perform tenant screening.
Foremost is also broadening its underwriting and accepts the following:
- Vacation rental properties
- Homes with open foundations
- Customers with up to five losses
An additional option includes the new high-end Landlord Platinum Package. This program is specifically designed to give landlords the coverages they want in a convenient, discounted package. Some highlights of the Landlord Platinum Package include:
- Replacement Cost on Dwelling
- Landlord Personal Injury Endorsement
- Other Structures – Additional Amount of Insurance
“We offer options at all levels,” says Karen Ricketts, Foremost zone executive director. “This allows landlords to choose from a base policy, a Landlord Package or the new Landlord Platinum Package, depending on their preference. Landlords who choose the Platinum Package will receive an 8% discount on the premiums for dwelling and personal property, which is also a great benefit to take advantage of.”
Source: Foremost Insurance
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