The value proposition of Cat4Home is to provide added coverage protection to consumers for a Category 1 or higher hurricane, by paying for losses covered within the hurricane deductible of their homeowner’s policy.
Cat4Home offers the opportunity to minimize and possibly eliminate the high cost of hurricane deductibles for a reasonable annual premium, resulting in reduced deductible out-of-pocket expenses associated with property damage and loss caused by a named hurricane by the National Oceanic and Atmospheric Administration (NOAA).
Simplified Coverage Definitions
Reimburses the insured for losses in the policyholder’s hurricane deductible within their primary homeowner’s, condominium unit owner’s or dwelling fire policy.
Limits – $1,000 minimum up to $100,000 maximum (others can be considered)
Simplified Claim Trigger
Named hurricane as a Category 1 or higher event.
Policy Form and Coverage
Cat4Home is a “Follow Form” policy.
Reimburses the insured for losses covered in the hurricane deductible from their homeowners (HO) policy. The hurricane deductible is usually stated as a percentage of the home’s insured value and can range from 1% – 10%. In the event of a hurricane that causes damage to the insured’s dwelling, the insured should file a claim with both the Vertus Claims Team and the HO policy Carrier. Once there is confirmation from the HO policy Carrier that the event/damage is covered under the HO and a claim report is provided to the insured, this will be submitted to the Vertus Claims Team for speedy settlement. Eligible primary policy forms are: Florida – HO-3, HO-5, HO-6, HO-8 & DP-3 and Texas – HO-B, HO-C, HO-3, HO-5, HO-6, HO-8, DP-3 & TDP-3
Insurance Underwriting Company enjoys an A.M. Best rating of A+ (Superior). There is no Liability coverage provided . . . property only.
Quoting and Underwriting Process
Cat4Home runs on leading edge technology platform allowing for easy, speed to quote and issue process. All of the underwriting decisions are done “in the box.” As the system returns a quotation, the risk is eligible to be bound. Primary and Secondary residences eligible.
Criteria to quote – Simplified criteria to allow a majority of homes to be eligible.
Note: Policy holders will receive all insurance documents electronically at the time the policy is issued from their agent. The policy confirms that valid homeowners insurance is in effect and that all coverage’s, declarations and limitations, etc. are clearly outlined. We encourage our policyholders to review their insurance documents and to contact their agents if they have questions or concerns about any policy issues.
Now available . . . our updated, high-value home (HVH) offering – coverage available for homes with structural values of up to $5,000,000 (others can be considered)
Another innovative, supplemental hurricane insurance product