By: Luke Jones, Published on May 25, 2018 08:47 AM, Last Update on May 25, 2018 05:49 AM
Brokers must ensure homeowners move with the times as coverage options for home and tenants insurance evolve. With new breakdown and other coverages being offered by insurance companies, brokers need to give customers the knowledge base to understand their options.
“There are so many new products” available in homeowner lines, claimed David Pettigrew, president and CEO of Harvard Western Insurance. Speaking to Canadian Underwriter this week, Pettigrew pointed out several new types of coverage points are now available to homeowners, citing equipment breakdown as one aspect that has flown under the radar while flood and cyber have taken the headlines.
Equipment breakdown protects against problems like breakdown in kitchen appliances, or electronic devices in the property. CAA South Central Ontario is one company offering such coverage, including “loss or damage originating within boilers, fired or unfired pressures vessels.”
“Protect your electronics and appliances against unexpected mechanical, electrical or pressure-system breakdowns with our comprehensive and affordable coverage. Home Equipment Breakdown coverage from CAA protects the equipment you depend on every day, including kitchen and laundry appliances, heating and cooling systems, personal computers and more.”
Other companies will increasingly embrace equipment breakdown coverage on home insurance policies in the future.
It is important that brokers ensure customers are aware of added coverage on a standard policy to avoid receiving omissions claims and errors. Pettigrew says clients should be properly versed in exactly what coverage their home insurance provides.