General Casualty is adding a new homeowners package to its personal insurance offerings in five Southern states. Crowne Homeowners®, geared toward the customer who wants a premium homeowners package, was introduced in Georgia June 15 and will be offered in Alabama, North Carolina, South Carolina and Virginia later this year.
According to Mike Roberts, Southern Region personal lines manager, Crowne Homeowners was developed to help General Casualty’s independent insurance agents serve an expanding upscale homeowner client base. The number of millionaire households grew 33 percent to 8.2 million in 2004, according to the Luxury Institute in New York.
Crowne Homeowners extends traditional coverage limits and increases the policy’s personal property limit so there is less need to schedule individual items. The policy guarantees building replacement coverage beyond the policy limits, including extra expenses due to ordinance or law regulations regarding construction, and doubles the standard coverage for other structures on the premises. It adds extra features like a waiver of the deductible for most losses over $50,000 and liability for golf carts on or off the golf course.
The policy includes: $10,000 business property; $10,000 lost or stolen credit cards; $5,000 for theft, misplacing or loss of jewelry, watches, furs, firearms or silverware; $1,500 debris removal (without a requirement that the debris damages a covered structure); $10,000 loss assessment; and $15,000 Water Back Up and Sump Overflow. The basic liability and medical payment limits are $300,000/$10,000, with increases in liability up to $1 million available. The policy also doubles the refrigerated products limit and quadruples the lock replacement limit offered in other preferred homeowners policies.
As part of the policy underwriting process, on-site surveys are conducted to determine the proper insurance limits and inventory unique personal possessions.
In addition to filling a niche for homeowners with higher coverage needs, the program provides an opportunity for General Casualty to cross-market other personal insurance products, like auto, inland marine, personal umbrella and commercial policies, to some of its best policyholders. During the five years GC has offered Crowne Homeowners in other states, it has recorded an outstanding pure loss ratio of 44 percent.
For more information please contact Anne M. Smith.