- 105
My personal home is an H05. It was only $100 more per year for the increase in protection. That's an easy $100 in case of ANY loss!!! If it's a difference of a few bucks, I would take the upgrade!
H03 Vs H05
- Thread starter InsuranceRus
- Start date
PLagent
New Member
The other side of the coin is...the more perils that are covered, the more incentive there is to make a lot of claims and subsequently find yourself non-renewed.
I mean, having special perils for personal property is nice. It's great to have coverage for the big screen TV you drop while carrying it around. But is that the kind of loss that you're buying a HO policy for?
Statefarmer
New Member
- 3
Wow,
I've never seen so many in-correct answers ever!
First of all, the two companies that utilize an H-05 policy without modification as a "go-to product" are State Farm and Amica.
Companies like Allstate, Met Life, Travelers, Liberty Mutual ETC, ETC... have the ability to ammend the H-03 policy to make it similar to an H-05. That endorsement is often times EXTREMELY EXPENSIVE!
I should have prefaced that statement by saying and clarifying that by no means is an H-03 policy in-appropriate coverage, it's just not as comprehensive. Again the differences between named peril and open peril policies are vast and have been detailed above.
The last comment about "more perils covered... more incentive for claims" made me laugh... Obviously a weak agent.
The repsonsibility of the agent is to educate and consult the client from policy inception. If you've properly consulted the client... they will understand that home owners insurance is not a maintenance policy. Hopefully they've reserved the policy for a catastrophic loss and if not than you have to work with the client to find the best possible solution.
Maybe if some agents took the time to educate the client rather than being overly concered about making the sale... we would have less claims and in turn lower insurance costs!
Thanks.
I've never seen so many in-correct answers ever!
First of all, the two companies that utilize an H-05 policy without modification as a "go-to product" are State Farm and Amica.
Companies like Allstate, Met Life, Travelers, Liberty Mutual ETC, ETC... have the ability to ammend the H-03 policy to make it similar to an H-05. That endorsement is often times EXTREMELY EXPENSIVE!
I should have prefaced that statement by saying and clarifying that by no means is an H-03 policy in-appropriate coverage, it's just not as comprehensive. Again the differences between named peril and open peril policies are vast and have been detailed above.
The last comment about "more perils covered... more incentive for claims" made me laugh... Obviously a weak agent.
The repsonsibility of the agent is to educate and consult the client from policy inception. If you've properly consulted the client... they will understand that home owners insurance is not a maintenance policy. Hopefully they've reserved the policy for a catastrophic loss and if not than you have to work with the client to find the best possible solution.
Maybe if some agents took the time to educate the client rather than being overly concered about making the sale... we would have less claims and in turn lower insurance costs!
Thanks.
Statefarmer
New Member
- 3
"Hey there "good neighbor"...you must not have Erie Insurance in your backyard
Or Chubb....or ?? because both of their HO-5's beat that ISO policy in your holster any day
"
REPLY:
I wasn't aware that Erie used that as a go to product, interstingly enough, even the Erie website shows replacement cost on contents and structure as an endorsement.
not an automatic coverage.
I'd, put my "good neighbor" h-05 against a chub policy any day of the week.
(yawn)
Again, not a company basher both great companies... but, both fall below "the farm" as rated by JD powers.
Great Forum!
Enjoy everyone!
Or Chubb....or ?? because both of their HO-5's beat that ISO policy in your holster any day "REPLY:
I wasn't aware that Erie used that as a go to product, interstingly enough, even the Erie website shows replacement cost on contents and structure as an endorsement.
not an automatic coverage.I'd, put my "good neighbor" h-05 against a chub policy any day of the week.
(yawn) Again, not a company basher both great companies... but, both fall below "the farm" as rated by JD powers.
Great Forum!
Enjoy everyone!
I hear you
Erie's Ultracover is well marketed and one of their biggest sellers, you should get a copy of a policy jacket and see why it's better
Chubb's masterpiece is actually a "masterpiece" and coverage gets your form 5 in almost every area...put the kool aid down man
You work for a great company and my hat is off to you...especially having to face the competition with only one bullet in your gun.
You might have read the JD Power report your "manager" gave you...here's the "claims" one where Erie beats SF
And again where Erie beats...well.. everyone
- 105
Quick question.
I was pushing a CHUBB policy to a prospect yesterday, and I was trying to explain the differnce between the named perils policy he currently has with State Farm, and the open perils- or all risk coverage of the CHUBB policy. The customer of course asked what the difference is. How do you answer this question? I get the named, the loss has to come from a specific "named" peril- fire, explosion, wind, etc. But how do you state what "everything else is covered" is? My dog ate my digital $5,000 hearing aid, would be covered under all perils. Of course, but what are some great or go-to examples of something that was covered under open????
I was pushing a CHUBB policy to a prospect yesterday, and I was trying to explain the differnce between the named perils policy he currently has with State Farm, and the open perils- or all risk coverage of the CHUBB policy. The customer of course asked what the difference is. How do you answer this question? I get the named, the loss has to come from a specific "named" peril- fire, explosion, wind, etc. But how do you state what "everything else is covered" is? My dog ate my digital $5,000 hearing aid, would be covered under all perils. Of course, but what are some great or go-to examples of something that was covered under open????
use examples that everyone has done at one time or knows someone who has...left the window open, storm came, rain blew in.....wrecked the lawn tractor into something, yada, yada
I have a sheet with dozens of "paid" claims I got direct from the company that show $$ amounts paid out, type of claim and the names and addresses are blacked out with a sharpie, the ones that would not have been covered by a form 3 but were paid under the form 5 are circled and highlighted...great deal closer...every csr in the office has one in her desk
I have a sheet with dozens of "paid" claims I got direct from the company that show $$ amounts paid out, type of claim and the names and addresses are blacked out with a sharpie, the ones that would not have been covered by a form 3 but were paid under the form 5 are circled and highlighted...great deal closer...every csr in the office has one in her desk
Statefarmer
New Member
- 3
State Farm is an H-05 OPEN PERIL POLICY!
- - - - - - - - - - - - - - - - - -
"1MANSHOW"
I eat Erie policies for breakfast, lunch and dinner!
HAHA- Send me "Policy Jacket" I'd love to see what you're working with.
P.S. You sound like you've got a pretty good head on your shoulder. Impressive agency website too.
I think bottom line- Erie, State Farm, Amica, and CHUBB are the best companies to put your business with. It all depends on the way you as the agent promote the product, combined with, how well the company you work for prices the product.
CHUBB and ERIE are great, but I find myself licking my chopps anytime I get a shot at them!!!
MAKE IT A GREAT DAY!
Last edited:
- 624
Like a good neighbor - how long have you been with the Farm?
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