When is Renovation Credit Applicable?

[doublejay]

I am still working on my "trampoline client" (see other thread - basically he is shopping b/c insurer told him to get rid of it).

I am looking at his existing policy and comparing it to a quote I got him from Chubb. The problem is Chubb is at least $700 more.... Now I am thinking that I might be able to talk about the advantages of the Chubb policy and it isn't an impossible sell but it ain't gonna be easy either.

Here is the thing though, on his policy he has a "Renovators credit" of about $500. I believe (still confirming) that this renovation is more than 10 years old. I was told that Chubb won't credit for more than that. So does this credit vary a lot by company? Is it possible that he incorrectly has the credit?

I appreciate the help.

p.s. He also has credits for "at home credit" (what's that?) and "safe home credit" (confused on this one too, it's not for the alarm - that's there too).

 

[NCAgent]

I am still working on my "trampoline client" (see other thread - basically he is shopping b/c insurer told him to get rid of it).

I am looking at his existing policy and comparing it to a quote I got him from Chubb. The problem is Chubb is at least $700 more.... Now I am thinking that I might be able to talk about the advantages of the Chubb policy and it isn't an impossible sell but it ain't gonna be easy either.

Here is the thing though, on his policy he has a "Renovators credit" of about $500. I believe (still confirming) that this renovation is more than 10 years old. I was told that Chubb won't credit for more than that. So does this credit vary a lot by company? Is it possible that he incorrectly has the credit?

I appreciate the help.

p.s. He also has credits for "at home credit" (what's that?) and "safe home credit" (confused on this one too, it's not for the alarm - that's there too).

What state is the guy in and what carrier did he have before?

Safeco really doesn't care about a trampoline, Kemper doesn't care if there is a net. Just sayin...

Renovation is if there were changes to the home, like to the roof, plumbing, electrical, and HVAC. At home credit is probably for a homemaker or retired person above a certain age. Safe home credit, is it in a gated community?

 

[Guest]

american modern will take trampolines

 

[doublejay]

What state is the guy in and what carrier did he have before?

Safeco really doesn't care about a trampoline, Kemper doesn't care if there is a net. Just sayin...

Renovation is if there were changes to the home, like to the roof, plumbing, electrical, and HVAC. At home credit is probably for a homemaker or retired person above a certain age. Safe home credit, is it in a gated community?

Thanks for your reply.

My bad, New York... (updating profile)

My bad again, forgot to mention it's near the coast (Far Rockaway) so Hurricane zone restrictions for many companies. (I think Kemper was out).

Details on the renovation were clarified, it IS within 10 years (about 8 years ago) that renovations were done. - So I gotta update quote (any idea how much the savings will be with Chubb?)

At home credit makes sense. I guess Chubb doesn't offer.

The only real question mark left is the 'safe home credit'. It's not a gated community.

 

[NCAgent]

Thanks for your reply.

My bad, New York... (updating profile)

My bad again, forgot to mention it's near the coast (Far Rockaway) so Hurricane zone restrictions for many companies. (I think Kemper was out).

Details on the renovation were clarified, it IS within 10 years (about 8 years ago) that renovations were done. - So I gotta update quote (any idea how much the savings will be with Chubb?)

At home credit makes sense. I guess Chubb doesn't offer.

The only real question mark left is the 'safe home credit'. It's not a gated community.

If it is coastal there could be a wind loss mitigation discount if the home was built or retrofitted for coastal issues. Safeco might take it depending on how close to the coast you are with the wind and hail excluded or at least a higher deductible, Kemper usually allows for a few miles out from the coast though Idunno what they look like in NY. The best thing to do is to get the county and then look on agentinside for underwriting and see if the county is allowed to write, or just call your underwriter.

Depending on the replacement cost of the home, what about Fireman's fund? Does your state have a coastal or wind/hail pool to use? It might be better to ex the wind and then go through the risk pool. In NC the NCIUA for wind/hail has rates better than anywhere else that does wind/hail that I have seen so far.

Another one that looked interesting here in NC and SC was ASI, UPCIC, and Universal Home insurance. I don't know what the value of the home is (Chubb goes down to 450k I think and Fireman's fund is 750k MINIMUM I think, Idunno though) but ASI will go up to 1M and I think UPCIC will as well, Universal Idunno what the limits are since I can't get them until closer to the end of the year.

You could also look at something like Lexington, which is an E&S market. They are going to be higher in premium but they provide the full wind and hail coverage in my experience on everything I've written here in my area.

Hope that gives you some things to think about.

 

[doublejay]

Safe home credit, is it in a gated community?

I did some Googling...

I am thinking that this is probably the answer:
"Safe home credit (no pool, woodstove or dogs)"

...I guess it's another obscure credit that the "big boys" don't seem to offer.