Zurich has launched Cat4Home, a new hurricane deductible buy-back program through Vertus Insurance Partners.
Cat4Home is a supplemental insurance policy available to residential homeowners in Florida and covers 100% of the hurricane deductible, generally seen as 1% to 5% of the value of their home. In many cases, homeowners are unaware that they have a hurricane deductible and are often not prepared financially to cover this first-dollar responsibility of their homeowner policy deductible.
Cat4Home is available in Florida on homes valued up to $5 million and hurricane deductibles from $1,000 to $100,000. For example, a homeowner with a home valued at $500,000 and a 5% hurricane deductible would need to pay out of pocket $25,000 for the hurricane deductible when filing a claim following a category 1-5 storm.
According to the company, annual premiums can start at $220. The coverage pays for losses covered within the hurricane deductible of the homeowner’s policy. The coverage is a follow-form policy.
Vertus Insurance Partners is headquartered in Jacksonville, Fla.
Topics Catastrophe Natural Disasters Florida Hurricane Homeowners
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