Our Personal Lines team expressed the importance for our customers to be aware of the various opportunities Tower Hill has for homeowners. Spire, rated A by A.M. Best, is THIG’s High-Value Home product for homes over $700,000. Another approach THIG has taken to maximize HO-3 coverage options is with writing unusual risks such as pool slides and trampolines on Tower Hill’s signature paper. THIG can broaden HO-3 contracts with Emerald and Emerald+ endorsements with personal property replacement, personal injury coverage, lock replacement, and other options. At Halcyon, we encourage our agents to take these opportunities into consideration when delivering solutions to your homeowners.

KEY CONCEPTS

• Spire High-Value Product
  • Requirements
    • Coverage A $750K – $5M
    • Insurance Score
    • Maximum Age of Home is 15 years
  • Coverages
    • 20% extended replacement costs
    • Loss Assessment Limits up to $50K
    • And more coverage options
• Unacceptable Exposures
  • Diving boards, tree houses, pool slides, bike/skateboard ramps, trampolines
  • Certain Dog breeds
• HO-3 Emerald Options
  • Emerald & Emerald Deluxe compared to Standard HO-3 Policy
  • Screen Enclosure Limits
  • Higher Personal Property limits
  • Endorsement options

SPIRE PRODUCT

The Spire High Value has a few eligibility requirements to offer homeowners several unique coverage options compared to their standard HO-3 policy. The dwelling coverage must be between $750,000 to $5,000,000 with a binding authority of up to $2.5 million. The maximum age of home for the Spire program is 15 years. There are no limitations when it comes to distance to the coast; however, they are not interested in any risks on islands. Another requirement of this program is an insurance score to grasp an overall perspective of the insured’s capabilities to manage such financial responsibility.

Do your insureds meet this criterion? If so, they can expand their coverage with 20% extended replacement cost on dwelling, loss assessment limits up to $50,000, and agents may be able to access other advantages of Spire. To learn more about these coverage options, click here.

UNACCEPTABLE EXPOSURES

Do you have unusual risk exposures? Most THIG companies identify exposures for diving boards, tree houses, pool slides, bike/skateboard ramps, trampolines, and certain dog breeds as unacceptable. However, these can be written on Tower Hill’s Signature paper for HO-3, HO-6, and DP-3 programs with exclusions.

Some of these unacceptable dog breeds include but not limited to Rottweiler, Pit Bull, Chow-Chow, Doberman Pinscher, Akita, Wolf-Dog Hybrid, and Presa Canario. Write these unusual exposures on TH Signature paper so homeowners with pool slides and/or Rottweilers can have the best of both worlds.

HO-3 EMERALD OPTIONS

THIG developed Emerald and Emerald Deluxe to broaden coverage options for homeowners to revise their policies that fulfill their needs. The screen enclosure limit for standard HO3 is $10K, with the Emerald Deluxe limit it expands with an additional $10K. The standard THIG HO-3 policy does not include replacement cost, whereas Emerald packages do.

Regarding Emerald and Emerald Deluxe, there are higher Personal Property Special Limits that will be covered in case of a claim. For insureds to better protect themselves from losses or thefts of their personal property, they may benefit more from the higher limits associated with Emerald packages that are greater than the standard HO-3 policy. Furthermore, these higher limits apply to money, securities, watercraft, trailers not used with watercraft, and business personal property inside and outside of the home. Jewelry, furs, firearms, and silverware also have more coverage under these Emerald packages, however, only for losses due to theft.

Coverage limits expand for homeowners as options broaden from a standard homeowner policy to Emerald and even more with Emerald plus. This homeowner endorsement program also offers refrigerated property, lock replacements, water backup, and overflow, to name a few highlights. THIG recognizes how important it is to take necessary precautions in the case of any unforeseen incidences to your home.

CONCLUSION – Seek THIG for HO-3

As you can see, THIG offers a various selection of opportunities for homeowners to enhance their policies. We hope that these options help you tailor your clients’ homeowner’s insurance needs. Seek out Tower Hill’s programs for your High-Value Homes, unusual risks, and HO-3 coverage packages. To get started or if you have any inquiries, please contact our Vice President/Personal Lines Leader, Sarah Cadle at [email protected].

This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.