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Fireman’s Fund has unveiled new coverages and enhancements to its Prestige Home Premier product, now available in six states and filing nationwide through 2016.

Homeowners in Arizona, Colorado, Connecticut, Illinois, Missouri, and Oregon are now eligible for the new product, which includes travel coverage (except in Illinois) endorsed directly onto the homeowner policy, with a once-per-year purchase to cover all travel for any household family residents within a policy year.

Additional features include equipment breakdown protection, and certain trusts & LLCs in the definition of an insured.

New and enhanced endorsements include:

• Prestige Journeys: administered by Allianz Global Assistance, which, like Fireman’s Fund, is a company of Allianz, the Prestige Journeys endorsement provides travel coverage including, but not limited to, trip cancellation/interruption or delay, plus 24-hour assistance for all resident family members in the household.
• Equipment breakdown: administered by Hartford Steam Boiler, a company of Munich RE, this endorsement provides coverage in the event of equipment or service line failure, such as central air conditioning unit suffering a crack that leaks refrigerant or a tree root puncturing the sewer line.
• Loss-free deductible reduction: for loyal policyholders, this new endorsement rewards them by reducing the deductible in the event of their first loss by 10 percent per year for each consecutive year they remain loss-free.
• Enhanced fraud protection: coverage if a policyholder loses money, securities or other property directly due to fraud, embezzlement or forgery (including counterfeit art).
• Green: up to $25,000 for loss of green tax incentives and up to the same to hire a LEED accredited professional engineer for home design and construction after a loss.

New coverages include:

• Trusts and LLCs: to accommodate for the rise in use of these among the wealthiest Americans, residence trust or LLCs have been added to the definition of ‘insured.’ Should a policyholder forget to notify their agent of the trust/LLC that owns their premises they will now be covered to adhere to underwriting guidelines. This enhancement will quicken the claims process in the event a client forgot to notify their broker.
• Wildfire loss avoidance: up to $10,000 for incurred moving and storage expenses for personal property (such as collections and other valuables) in moving these items to higher ground in the event of an advancing wildfire.
• Mortgage expense reduction: in the event of a total loss where the home is rebuilt in the same location, up to $50,000 will be paid for the increased monthly payment of a new mortgage because of a higher interest rate.
• Loss prevention device: coverage increased to $5,000 to protect the policyholder’s residence against the same or similar future loss by installing a loss-prevention device. Eligible losses include water, fire, hail and theft.
• Domestic animal: damage to covered property caused by a domestic animal, including expenses incurred for pet care as a result of loss including kenneling and veterinarian services.

Please note that the insurance policy, which may contain limits, exclusions and limitations not detailed in this article, forms the contract between the insured and the insurance company.

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