Florida-Based managing general underwriter Vertus Insurance Partners has launched a supplemental insurance policy targeting homeowners in hurricane prone states. Available now in Florida, CAT4Home will provide complete hurricane deductible reimbursement and additional coverage for select exposures typically limited or excluded in the homeowners policy. Additionally, CAT4Home provides coverage for mandatory evacuation expense and generator rental expense.
CAT4Home can minimize or eliminate homeowners out-of-pocket expense based on damage sustained after a named hurricane, declared by NOAA, makes landfall in the United States.
Limits start at $1,000 (based on the hurricane deductible value of the homeowners policy) and can protect homes up to a $100,000 policy limit. Additionally, a $5,000 scheduled maximum limit for other incidental, coverage is available. For example, a home that has a dwelling limit of $5 million and a two percent deductible can obtain full reimbursement protection.
The coverage provided is underwritten by Lloyds. The policy provides protection for property only, and there is no liability coverage or third party protection.
Pricing is based on the homeowners property underwriting; many policies will start at $200 premium. It is distributed through select Independent agents throughout Florida and Vertus will entertain new agent appointments. Vertus has deployed the CAT4Home product through technology providing typical policy issuance within two minutes.
Vertus plans to launch a high value home product early in 2017, aimed at homes with values up to $5 million in value and greater. Coverages will be similar to the initial offering.
Vertus Insurance Partners was formed in 2015 to develop new and creative catastrophe insurance products for the personal lines and commercial markets. It is based in Jacksonville, Fla.
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