Residential Properties

Transcription

1 Residential Properties Product Overview CRURES_FNIC02

2 Florida Coastal Homeowners Program Coastal Risk Underwriters, LLC (CRU) is a Program Manager and Wholesale Broker providing specialty personal and commercial property and casualty insurance products. CRU is committed to offering insurance products designed to meet your clients needs. We are currently appointing independent agents and retail brokers as contract producers for our Florida Coastal Homeowners Program. We are proud to offer this program through our partnership with Federated National Insurance Company (FNIC). FNIC is rated A by Demotech. Commission Schedule New/Renewal (%) Tri-County 10/10 For rating information, please visit: Southwest Southeast All other 12/12 12/12 15/15 Reasons to Get Appointed To offer your clients excellent insurance products from a financially secure company with competitive rates Earn attractive commission rates Access to state-of-the art technology designed to make the quoting and binding process simple, quick and easy to navigate Access to multiple carriers through a single platform About Federated National Federated National Insurance Company was formed in January of 1992 and subsequently acquired by 21st Century Holding Company. FNIC s main business is the writing of homeowners insurance in the state of Florida. This product is marketed through hundreds of quality agents throughout the state to homeowners in search of property and liability coverage for their home or condominium. FNIC is an approved carrier that writes flood insurance through the National Flood Insurance Program and also continues to maintain a small book of private passenger automobile business. 1

3 The Florida Coastal Homeowners Program is offering Homeowners Special Form (HO 00 03), Tenants (HO 00 04), and Condo (HO 00 06) policy forms in 36 counties. Coverages Coverage A (Dwelling)* Minimum Maximum Homeowners Special Form (HO3) 100% Replacement Cost $100,000 $500,000 Tenants (HO4)** N/A N/A Condo (HO6) $15,000 $250,000 Coverage B (Other Structures) 10% of Coverage A N/A N/A Coverage C (Contents) Minimum Maximum 50% of Coverage A*** 50% of Coverage A $8,000 $200,000 $20,000 $150,000 Coverage D (Loss of Use) 20% of Coverage A 20% of Coverage C 40% of Coverage C Coverage E (Personal Liability) Minimum Maximum $100,000 $300,000 $100,000 $300,000 $100,000 $300,000 Coverage F (Medical Payments) $1,000 Each Person $1,000 Each Person $1,000 Each Person Deductibles Hurricane Amount $500, 2% (default), 5%, and 10% of coverage A All Other Perils (AOP) $500, $1,000 (default), $2,500 * Up to 50 years ** Not yet available *** Can be excluded Available Product Features Loss Assessment Coverage ($1K for HO3, $2K for HO6) Ordinance or Law Coverage (25%) Electronic Equipment Coverage ($2K-$5K) Optional Coverages Additional Amounts of Insurance* Personal Property Replacement Cost Refrigerated Personal Property (Excluded, $500) Electronic Equipment Coverage ($2K-$5K) Optional Coverages (continued) Personal Property Exclusion Sinkhole Loss Exclusion Increased Limited Mold Property Coverage ($10K default, $25K, $50K) Screen Enclosure Buyback ($50K)** Increased Loss Assessment Coverage ($1K default, $2K, $3K) Increased Ordinance or Law Coverage**(25% default, 50%) * Available for HO6 only ** Not available for HO4 2

4 Geographic Eligibility Open Counties Tri-County Miami-Dade Broward Palm Beach Southeast Brevard Martin St. Lucie Indian River Okeechobee Southwest Charlotte Glades Lee Collier Hendry Manatee DeSoto Highlands Sarasota Other Eligible Counties Alachua Hardee Polk Baker Lake Putnam Bradford Marion Seminole Clay Nassau St. Johns Duval Orange Union Flagler Osceola Volusia Limited Zip Code Availability Hillsborough Pinellas 3

5 Eligibility Requirements Location of Property Tri-County area: HO3/HO4/HO6: Properties located more than one mile from the Atlantic Ocean, Gulf of Mexico, or Tampa Bay; or 1,000 feet from a lake, river, or intra-coastal waterway All other counties: HO3/HO4: Properties located at least ¼ mile from the Atlantic Ocean, Gulf of Mexico, or Tampa Bay HO6: No distance to water restrictions Payment Plans Quarterly Option 40% down payment Three remaining payments made at three month intervals Semi-annual Option 60% down payment One remaining payment made six months later Pay in Full (Insured or Mortgagee) Mortgagee is not eligible for payment plans Type of Property Homes up to 50 years old at time of binding Frame, masonry, masonry veneer, and superior wall construction Properties located in protection classes 1-8 Occupancy HO3 / HO6 HO4 Owner occupants of a single dwelling for private residential purposes (HO3) OR Owner occupants of a condo used exclusively for residential purposes (HO6) Occupant of a dwelling under a life-estate plan Seasonal homes are eligible if there is a monitored burglar and fire alarm, the property is located in a gated or guarded community, or meets caretaker documentation requirements Non-owner tenant Credits Windstorm load mitigation Protective devices Building Code Effectiveness Grading (BCEG) Superior construction Inspections All homes in the HO3 program will have an exterior inspection All homes over 30 years old will need a four point inspection. Inspections are valid for up to 18 months prior to a policy s inception date. Inspections must be on the contractor s letterhead, have their license number displayed, and be signed and dated by the inspector. Replacement Cost Estimator Coverage A must be 100% to 120% of replacement cost 4

6 CRU s User-Friendly Online Agent Portal CRU s cutting-edge technology is extremely easy to use and saves agents time Over 160,000 policies bound on CRU s platform in the last three years Used in 33 states Thousands of Florida agents have already benefited from using our Agent Portal How to Get Appointed To become appointed with CRU, please complete the online application at A CRU representative will contact you within two business days of receipt. Agents will also need to provide each of the following: W-9 A photocopy of the current Errors & Omissions declaration page A photocopy of a valid FLDFS agency license for each location A photocopy of a valid 220 agent license for each location 5

7 The following risks are not eligible for coverage: Location of Property Property located in protection classes 9 and 10 Dwelling located on more than five acres of land or on a farm, ranch, orchard or grove, or where farming activities or ranching operations take place Risks located in Special Flood Areas where a Federal Flood Insurance Policy has not been purchased Properties with a past history of sinkholes Any property located within one mile of the Atlantic Ocean, Gulf of Mexico or Tampa Bay Properties located within 1,000 feet from a lake, river or intra-coastal waterway Tri-County area: properties located within one mile of the Atlantic Ocean, Gulf of Mexico, or Tampa Bay; or properties located within 1,000 feet from a lake, river, or intra-coastal waterway Any property outside of the Tri-County area located within ¼ mile of the Atlantic Ocean, Gulf of Mexico, or Tampa Bay (Not applicable to HO6 policies in these areas) Type of Property Homes in poor condition and/or that are poorly maintained Homes with wood shingled roofs Homes older than 50 years Properties with excessive or unusual liability exposure (e.g. skateboard or bicycle ramps, diving boards, trampolines, unfenced yards with pools, Jacuzzis and the like) Mobile homes, pre-fabricated homes or kit homes Homes with an open foundation or that have crawl space Homes that are elevated or built on stilts Homes with polypropylene pipes for water supply Homes without circuit breakers or have electrical fuses Homes with a remaining life expectancy of less than five years on any of the following: roof, electrical or plumbing, as determined by a four point inspection A risk with more than two mortgages Dwellings heated by wood burning stoves or fireplace inserts. See definition in manual Homes with less than 1,000 square feet of living space Occupancy Homes occupied by more than two families One family dwelling with more than two roomers or boarders Fraternity, sorority or any similar housing arrangement Any dwelling used primarily for commercial or business purposes Multiple family homes with more than two units Any dwelling under construction All vacant, secondary or unoccupied dwellings Seasonal homes, unless there is a monitored burglar and fire alarm and/or the home is located in a gated community Replacement Cost Dwellings that are not insured between 100% and 120% of replacement cost Loss History Applicants convicted of arson, insurance fraud, or material misrepresentation Applicants that have incurred three or more claims in the prior three years, except for Acts of God Any risk that has suffered a personal liability claim in the past three years Any risk that had a fraud or had more than one water damage or fire claim in the past 10 years Any risk that has suffered a property or content loss within prior 3 years and has not installed a property alarm system and repaired damages

8 The material contained in this brochure is for informational purposes only. Coastal Risk Underwriters, LLC does not guarantee the completeness and accuracy of its contents. Under no circumstances will Insight Catastrophe Group, LLC or any of its companies be liable for damages or financial losses arising from the use of the information related to or contained within this brochure. The Coastal Risk Underwriters logo is a trademark of Insight Catastrophe Group. All other logos are trademarks of their respective owners All rights reserved Coastal Risk Underwriters, LLC 3848 Flatiron Loop, Suite 102 Wesley Chapel, FL Toll Free: Facsimile: Website: CRURES_FNIC02