Important Changes to Water Protection Pricing – Email Sent March 28, 2018


Important Changes to our Water Protection Pricing

As you know, flood coverage is fairly new to the industry in general, and companies have been, and still are, in the process of determining their flood coverage and pricing.

What are we currently doing?
We are charging $100 for Water Protection coverage on new business since July 1st, 2016. This was based on postal code, and as most of you know, it was not accurate enough. We have also been reading in coverage for existing policyholders who pay $40 for the current sewer backup coverage.

What is changing?
– We have done a lot of work with statistical flood modelling, and now have three zones for flood based on geocode (latitude and longitude). The three zones are low, medium, and high.
– For new business policies effective April 15, 2018, we will be charging $150 for homeowner policies, and $75 for tenants. Coverage and limits are different for each zone – scroll down to see our charts on coverages for each zone.

Who is getting charged for what?
Read below for a complete breakdown of pricing and limits.

New Business

Default Coverages for Water Protection for New Business Policies Effective April 15, 2018:

How do you find out which zone a home is in?

– In Compu-Quote, you will always see $75 for Tenants and $150 for Homeowners – it is the limit and coverage that changes.
– You can use THIS LOOK-UP TOOL on our Broker Portal to determine which zone the policy is in, and therefore the limits and coverage.
– We will always use this look-up tool on our end to ensure each policy gets the right coverage, but if you’d like, you can also use the tool to make your quotes more accurate.
– While we default to the above limits, your clients still have options to lower their premiums. Take a look at our chart below for all options available.

All Options for Water Protection Coverage, New Business Policies Effective April 15, 2018: 

Renewals– As you know, since July 1, 2016, we have been reading in our new Water Protection coverage for our existing policyholders with Sewer, Septic Tank, Drain or Sump Pump Coverage. We will be implementing our new geocode rating to all of these policies upon renewal at a later date. Full information on our renewal pricing and coverages will be provided well before the effective date.

Remind me, what makes this new Water Protection coverage so great?
– This is a new, simplified water damage protection, that covers both ‘overland water’ and ‘sewer backup’ (where our old coverage simply covered sewer backup).
– Comprehensive coverage for homeowners, tenants, renters and seasonal properties,
– Peace of mind – clients can know they are covered for any sudden and accidental water damage, no matter the source.
– We still offer an incredibly competitive price to policyholders.

The Halwell Solution
– Weather is changing – we’re getting more extreme weather conditions more often. Our goal is to provide the best, most comprehensive coverage in the marketplace, in a simplified package the makes it very clear exactly what is covered.

Here’s an overview of all the things our new Water Protection Endorsement covers:

We appreciate your patience and understanding. If you have any questions,
please contact Patti, Property Underwriting Manager.
Is there someone in your office who doesn’t get our emails, but should?
Tell them to click below to subscribe.