Today’s hard insurance market is characterized by rate increases, appetite changes, coverage restrictions, and non-renewals for certain coverage lines and in specific regions. Among the coverage lines impacted is homeowners insurance for risks that fall outside the standard market and need a home in the Excess & Surplus (E&S) market.
While the London and domestic markets retreated from insuring homes in coastal areas, altered their appetite, or increased their rates significantly, they also stopped writing risks in non-coastal regions, although the exposures for these accounts are different. Market instability and significant rate pressure, unfortunately, left insurance agents scrambling to find a home for their insureds.
“ISC stepped in and developed an exclusive homeowners program to fill the gap created in the marketplace and help agents respond to a need,” said John Walsh, CIC, ISC. “Each account is individually underwritten in lieu of painting a broad underwriting brush across all risks.”
Coverage Available for Many Occupancies
The ISC homeowners program for E&S clients provides the same or similar coverages you would find in the standard market. Our footprint covers more than 20 states, with a focus in the Midwest.
With the ISC homeowners program, you can insure a broad range of occupancy types, including owner-occupied, seasonal/secondary (vacation homes and Airbnb rentals), tenant-occupied, homes undergoing renovations, homes under construction, and condo units. “We can insure a property for builder’s risk and, when the home is completed, change the occupancy type on the same policy form,” explained John. Agents get tremendous flexibility with the program.
You can cover a property up to $1.5 million in total insured value (TIV). Additional enhancements are also available, including mold coverage, extended replacement cost, ordinance or law insurance up to 25%, water/sewer backup (up to $50,000), identity fraud, loss assessment, earthquake, and other coverages.
Agents can rely on a stable program with ISC that provides consistent and competitive rates along with fast turnaround times. You may send submissions to email@example.com.