HO-4 RENTER PRODUCT ENHANCEMENTS Renters Insurance has become much more prevalent in today's economy as young people have delayed buying homes, choosing to rent instead. To broaden our appeal to renters, especially millennials, and to help you market to them, Arbella has enhanced eligibility for our HO-4 Renter product. Together we can offer these consumers better pricing and coverage and write more future homebuyers! Lower Base Rates - Preferred Tier We have received approval for a base rate decrease of 16-19% for the Preferred Tier in the following territories: - Suffolk County - Territories 2, 3, 4, 5, and 11
- Norfolk County - Territories 12 and 30
New Renters Protection Package Endorsement - 11AR 1293 Our new and very affordable Renters Protection Package conveniently bundles three endorsements to provide extra coverage protection for Coverage C limit of $50K or less. For a charge of 50% of the adjusted base premium, our new package combines: - HO 0490 - Personal Property Replacement Cost
- 11AR 1260 - Special Computer Coverage
- 11AR 1240 - Identity Fraud Expense Coverage
Renters Protection Package will automatically be included on renewal policies that already have these three endorsements. Better Pricing and Expanded Coverage The end result is a smart and well-priced HO-4 starter policy perfect for young consumers starting out on their own. Note this example of how affordable an HO-4 policy for a Boston renter will be: - Boston renter in Territory 11 with Coverage C limit of $12,000
- Coverage E limit of $100,000 and Coverage F limit of $1,000
- $250 deductible
- Renters Protection Package endorsement
- 22% Auto Rewards Discount
- $120 annual premium or 10 monthly installments of $12.00 - that's about $10 per month! (Excludes installment fees)
The HO-4 product enhancements will be available on October 29 for policy effective dates of December 1, 2012 and later! An updated online Homeowners manual and the Renters Protection Package Endorsement will be available on October 29. PERSONAL LINES HOMEOWNERS - BROKER OF RECORD CHANGE In Arbella's continuing effort to provide you with the best possible service and to remain consistent with our competitors, we will now begin to accept Homeowners Broker of Record Letters. This will allow a change of producer/agent upon renewal of the current in force policy without having to complete a new application. - Arbella will accept a completed ACORD agent/broker of Record Change Letter. Please ensure you are using the most current version.
- The Broker of Record Letter must clearly identify the following:
- Date of proposed change of agent/broker. (Renewal effective dates only)
- Policy number and effective date of affected policy.
- Broker of Record Letter must be signed and dated by the Named Insured and proposed agent.
Only policies in good standing will be offered this opportunity. Policies in Non-Renewal status or pending other underwriting action will not be honored. Your underwriter will be in contact within two working days after receipt of the Broker of Record Letter to advise you on the process. Please be aware that it will be Arbella's policy to allow the current agent 10 days' time to contact the insured and secure a counterdemanding letter. We will recognize the new agent of record effective the next renewal date of the policy. If the Broker of Record Letter is received and processed before the current policy renewal is issued, approximately 45 days prior to the renewal date, the renewal will be issued to the new agent as indicated on the Broker of Record Letter. Broker of Record Letters received within 45 days of the policy renewal date will result in a new policy number for the insured. As always, we thank you for your continued business and support. Please contact your underwriter if you have any questions.
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