What is Specialty Homeowners Insurance Coverage?
Posted on: February 5, 2015 by Aegis General
Not all properties are created equally. In fact, no two properties or owners will have the exact same insurance needs. Each client poses their own unique blend of risk and loss exposures to an insurer, and some clients have more complex needs than others. Standard homeowners insurance policies are often designed for property owners with no previous claims, a modern home and even a spouse and family. However, in today’s homeowner’s insurance market there are countless clients who will deviate from this traditional ideal of the property owning insured.
Insures take a number of factors into consideration when determining rates, coverage and premiums. Many clients bring additional loss exposures such as older or historic properties, pets, a claim history and more. For these clients it can be much more challenging to find quality property insurance at affordable rates. Take for example if a homeowner owns a specific breed of dog that is often deemed “aggressive” by other insurance providers. According to the Insurance Information Institute (III) dog bites accounted for roughly a third of all homeowner’s insurance liability claim payouts, and owning a breed known to be aggressive can put property owners in a tight spot. These clients often find attaining homeowners insurance more difficult or nearly impossible depending on the situation. In some cases a pet related injury claims could make a property owner ineligible for coverage with certain insurers.
Furthermore, age of the property is always a factor when determining the right coverage; however property owners of older homes or historical houses have vastly different loss and risk exposures than those who live in newer or more modern homes. From safety features to construction materials and wear and tear, there are many reasons why some insurance providers shy away from insuring older and historical homes.
Such property owners can turn to specialty homeowner’s insurance coverage from Aegis General Insurance Agency. Our Specialty Homeowners product focuses on safeguarding the property and assets of clients typically not available through the standard markets. Our personal insurance coverage is for property owners that may have sustained minor losses, have aging structures to protect, own a dog breed that would otherwise deem the entire risk ineligible, and more. Aegis offers special limitations or exclusions to reduce these exposures while maintaining a risk’s eligibility. To learn more about our operation and of our specialty homeowners insurance coverage, contact us today at (855) 399-0966.