HOME SECURITY PROGRAM

Transcription

1 HOME SECURITY PROGRAM The home security policy is designed to provide a competitive tool to the homeowner type policies issued by state writing companies. As a select type risk that is owner occupied, a rate credit will be granted to dwelling and contents section of this package policy making it a more competitive program. The dwelling and contents coverage section will be rated as a package with additional perils and extended theft included. The minimum amount available on the dwelling will depend on the additional perils forms used. Household and personal effects will be 50%, 60% or 70% of the dwelling amount. Dwelling must be written at the required percentage of replacement cost. The FMH Home Security Package is targeted for your owner occupied homes located in towns and cities with a protection class rating of 1-8 or No wood burning stoves or furnace add-ons are allowed, regardless of location in the garage or dwelling. There cannot be any agricultural outbuildings on the property (covered or excluded). If there are outbuildings, the risk may qualify for a Suburbanite or Farm Security Policy. CONSTRUCTION DEFINITIONS: Frame A dwelling with walls of frame, or metal-sheathed or stucco frame construction, or with walls of metal or metal lath and plaster on combustible supports. Masonry A dwelling with walls of masonry or masonry veneered construction. Dwelling must be at least 2/3 masonry for masonry rate to apply. FIRE PROTECTION DEFINITIONS: Protected (Class 1-8): Building is located within five road miles of their responding fire dept. and: a. within 1000 feet of a fire hydrant; or b. within 1000 feet of a year-round water source of at least 3500 gallons and the responding fire dept. is equipped to respond with pumper truck capabilities; or c. the responding fire dept. is equipped to respond with pumper/tanker truck capabilities of at least 3500 gallons; or d. if a dwelling is located in a subdivision that has a minimum of five houses platted, the dwelling will be rated as protected. Unprotected (Class 9 and 10): All others.

2 HOME SECURITY UNDERWRITING NOTES 1. Base rate does not include liability charge. For liability limits, use IMT CPL rates. A completed IMT comprehensive personal liability application must accompany the FMH application. 2. A picture of each structure desiring coverage (house, garage, garden shed) is required with the application. 3. The policy term is a one-year contract, with an annual review every three years. This is an annual policy, which may be written with an annual, semiannual or quarterly billing cycle. A $5.00 service fee will be applied to each billing if semiannual or quarterly billed. 4. Use a FMH provided Residential Cost Guide replacement form to determine the dwelling's replacement value. 5. Supplemental heating devices such as wood, corn or pellet burning stoves, wood burning furnaces, or wood burning add-on-units are not acceptable on any FMH Home Security Policy. 6. No agricultural outbuildings or agricultural structures will be considered for coverage under the appurtenant private structure coverage. 7. The Company must be notified if the insured has made any additions or changes to the value of the covered buildings by $5,000 or more. 8. No tile, slate or wood shake roofing material.

3 HOME SECURITY PACKAGES HOME SECURITY II FMH-2002 ($100,000 Minimum) Contents at 50% of coverage A Additional living expense at 20% of coverage A $200 debris removal Must be written to 80% of replacement cost (photo and cost guide required) Replacement cost for contents is available for an additional premium Non-agricultural pursuits and situated within the city limits of a 1-8 protection class city or town. This is a Form II homeowners policy written on a named peril basis, must be written to 80% of replacement cost. This applies only to building structures covered, but excluding carpeting, cloth awnings, domestic appliances and outdoor equipment all whether permanently attached to the building structure or not. Contents are written on named peril actual cash value basis and must be written and maintained at 50% of the dwelling coverage. Single family dwellings only. This policy can be written with a $500 or a $1,000 deductible. HOME SECURITY III FMH-2003 ($150,000 Minimum) Contents at 60% of coverage A Additional living expense at 20% of coverage A $200 debris removal Must be written to 100% of replacement cost (photo and cost guide required) Replacement Cost on coverage C included Backup of sewers and drains (Form FMH-2008) $2,500 coverage limit is included, a $5,000 coverage limit may be purchased for an additional charge Non-agricultural pursuits and situated within the city limits of a 1-8 protection class city or town. This is a Form III homeowner s policy and provides all peril coverage on the dwelling and named peril on the contents as provided and defined by form FMH Single family dwellings only and no H04 coverage. Base rate includes backup of sewers and drains coverage with an aggregate coverage of $2500 and a mandatory $500 deductible. An additional $2500 of coverage of sewers and drains may be purchased. This policy can be written with a $500 or a $1,000 deductible.

4 HOME SECURITY PACKAGES HOME SECURITY III PLUS FMH-2003 ($200,000 Minimum) Contents at 70% of coverage A Additional living expense at 40% of coverage A Replacement cost coverage A&C included Must be written to 100% of replacement cost (photo and cost guide required) Backup of sewers and drains (Form FMH-2008) $2,500 coverage limit is included; a $5,000 coverage limit may be purchased for an additional charge. Nonagricultural pursuits and situated within the city limits of a 1-8 protection class city or town. This is FMH s most comprehensive homeowners insurance policy. The Home Security III Plus provides exceptional protection for the home and personal property. Created for homes that were built after This policy can be written with a $500 or a $1000 deductible. HOME SECURITY IV CONTENTS FORM FMH-2002 ($50,000 Maximum Coverage) Policy may be issued to the tenant (non-owner) of a dwelling or apartment or to an owner of a condominium unit if the residence occupied by the insured is used only for residential purposes. This policy can be written with a $500 or $1,000 deductible. To add replacement cost to contents use 45% of base premium. Personal effects away from premises at 10% of Coverage C Additional living expense at 10% of Coverage C Theft coverage included RCC is available at a rate of 45% of base premium CPL application mandatory, for liability limits and rates use IMT CPL guidelines Minimum annual premium of $200 to qualify for quarterly pay plan

5 HOME SECURITY III PLUS PACKAGE UNDERWRITING REQUIREMENTS: 1. Home Security III Plus rates may only be used on superior dwellings. Must be built after 1940 or completely remodeled in the last 10 years. To qualify the dwelling and any attachments to it cannot have any exclusion forms or ACV endorsements applied. 2. Must be a protection class 1-8 and have minimum insurance coverage of $200,000 on the dwelling. 3. Must be written to 100% of replacement cost. 4. Market value must be at least 70% of replacement cost. 5. Household goods are 70% of dwelling amount. 6. Additional living expense is 40% of dwelling amount. 7. FMH-2145-Guaranteed replacement cost coverage A & B included. 8. FMH-2055-Replacement value provision coverage C included. 9. FMH-2008-Water damage from sewers or drains ($ ) included. $5000 of coverage may be purchased for an additional charge. 10.Must have at least one smoke detector (rate reflects discount). Insured agrees to maintain this system in working order. 11.A $500 or $1,000 policy deductible is available. 12.Inflation guard endorsement applies. 13.New home discount applies as follows: Age of the Dwelling: 0-10 years = 15% credit; years = 10% credit 14.Photo of dwelling and the current market value is required. 15.Use a FMH residential building cost guide replacement form to determine the dwelling replacement value. 16.Minimum CPL requirements of $300,000 Liability/$1,000 Medical.