View this article online: https://www.insurancejournal.com/news/national/2018/10/08/503562.htm
ISO, a Verisk business, has launched a new personal inland marine product designed to help insurers meet the personal property coverage needs of millennials and other consumers who may not stay in one place for long.
The new Your Belongings product enables insurers to offer coverage on personal possessions for policyholders while anywhere in the world. The coverage is designed for growing segments of the population, from millennials to empty nesters, who are living more mobile lifestyles and don’t feel they need traditional homeowners or renters insurance.
“There’s a need for new solutions for today’s customers—those who lead a less traditional lifestyle and don’t put down roots in one place,” said Doug Caccese, president of ISO Personal Lines. “But these customers still need coverage for items that travel with them, including their clothing, jewelry, and personal electronics.”
This product follows ISO’s introduction of a personal property endorsement for personal auto policies, which allows drivers to cover their possessions when they may not have homeowner or renters insurance coverage. Your Belongings contains long-standing policy language and flexible coverage limits. ISO has filed the new coverage in the majority of states and will continue through the remainder of 2018.
ISO provides tools and analytics for the property/casualty insurance industry. ISO products and services help insurers underwrite and price risks and manage claims across the spectrum of commercial and personal lines of insurance.