The following topics pertain to the Wisconsin Insurance Plan Homeowner Program. You can scroll down the page to read each one or you can click and go directly to the topic.
Basic Policy Form, Coverages, and Loss Settlement Provision.
The home must be:
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A one or two family residence (not three or four or more families). |
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The principal residence of the applicant/owner (applicant/owner eats and sleeps in this home daily*). |
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The Dwelling must have a market value of around $200,000 or less (Dwelling only - not including lot or other structures) |
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Can be a mobile home at a permanent location that meets the above requirements. |
*If your customer purchases a new home and has a definite move-in date within two weeks of the coverage effective date, a Homeowner policy can be issued. Please provide this information on the application.
If occupancy is going to be delayed more than two weeks due to repairs or rehab, apply to the Dwelling Property program. You can request cancellation of the Dwelling Property policy and reapply for the Homeowner policy when the home is occupied.
Occupancies that are not eligible:
Renters, condominium unit-owners, seasonal dwellings, second homes, builder's risk (dwellings under construction), three or four family dwellings, and vacant or unoccupied residences undergoing rehabilitation are not eligible for the Homeowner program. For these occupancies you must apply to our Dwelling Property Program.
Active farms are not eligible.
We do not offer a Replacement Cost coverage policy. We suggest the Dwelling limit requested be the Market Value of the dwelling (not including land) plus an additional sum for Debris Removal / Site Restoration in the event of a total loss.
Minimum limit: $15,000 on Dwelling.
Maximum limit: $200,000 on Dwelling (by State of Wisconsin rule).
Policy limits (subject to the provisions of the policy):
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10% of the Dwelling limit for Other Structures. Limit may be increased. |
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50% of the Dwelling limit for Personal Property. If additional coverage is needed, apply to the Dwelling Property program. |
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10% of the Dwelling limit for Loss of Use. Limit cannot be increased. |
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$1,000 On-Premises Theft Coverage. Limit may be increased. |
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$100,000 Personal Liability Coverage. Limit cannot be increased. |
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$1,000 Medical Payments to Others Coverage. Limit cannot be increased. |
BASIC POLICY FORM, COVERAGES, AND LOSS SETTLEMENT PROVISIONS.
The Plan uses the Insurance Services Office Modified Coverage Form - HO 00 08. We add limiting or exclusionary endorsements to the policy. The producer may request copies of the policy forms and endorsements in use by the Plan. Contact us with any questions.
The Section I property coverage causes of loss are: fire, lightning, wind, hail, explosion, riot, aircraft, vehicles, smoke, vandalism or malicious mischief, and theft (on-premises only with a $1,000 basic limit).
Personal Property losses are settled on an actual cash value basis. Partial Dwelling losses are settled on the cost of repairs using common construction methods. We do not offer replacement cost settlements for Personal Property or Dwelling coverages.
The Section II coverages are Personal Liability and Medical Payments to Others. There are exclusions. For example, these coverages do not extend to rental properties or to seasonal or second homes owned by the insured.
The statements above provide only a general, brief description of the coverages provided. Please review the policy for exact information on coverage, conditions, exclusions, and other policy provisions.
Encourage your customer to read the policy!
A $250 deductible is only available where the Dwelling limit requested is less than $75,000. We require a minimum $500 deductible when the Dwelling limit reaches $75,000 and a minimum $1000 deductible when the Dwelling limit reaches $150,000. We will require a higher deductible if the customer has an active claim history or if there are condition problems with the Dwelling. The producer may wish to suggest a higher deductible to customers as increased deductibles lower premiums.
We offer three additional coverage endorsements:
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Increased limits for on-premises theft coverage: $2,000; $3,000; $4,000; or $5,000. |
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Home Day Care Coverage. If requesting this coverage, include a copy of the applicant's Day Care license with the application. |
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Increased limits on Other Structures. |
Premiums are found on the Premiums page. We do not offer other types of additional coverage endorsements such as jewelry floaters or sewer back-up coverage.
We have one optional exclusionary endorsement. We may exclude coverage for any or all Other Structures and the Personal Property located in the structure.
You may provide your customer with a quote for the first year premium. Of course, all quotes are subject to the submission being eligible or acceptable for coverage. Renewal premiums are subject to condition charges.
Go to Premiums.
You may complete or print Homeowner Program applications from our web site. Go to Applications.
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Most recent update: 8/25/2011
For more information, contact thewip@execpc.com
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