Vertus, Zurich Expand Hurricane Deductible Buy-Back Program Into S.C., N.C., Va.
Vertus Insurance Partners and Zurich North America have expanded the Cat4Home deductible buy-back insurance product to customers in South Carolina, North Carolina and Virginia. The expanded offering comes on the heels of the second most active Atlantic hurricane season on record with 27 tropical or subtropical storms.
Cat4Home provides a 100% reimbursement of the hurricane and named-storm deductible that applies to a customer’s personal homeowners policy in the event of a storm-related claim. The coverage is already available in Florida and Texas.
According to Greg Massey, head of Programs for Zurich North America, the Zurich and Vertus offering provides an alternative solution to help residents recover after a disaster.
The product is available for homes valued up to $5 million with deductibles ranging from $1,000 to $100,000. Cat4Home can be purchased for hurricanes only or can be expanded to cover all named storms.
Joe Braunstein, president of Vertus said homeowners are often surprised to discover that they are expected to pay their deductibles out of pocket before their homeowner insurance kicks in. “With a standard 2% hurricane deductible or greater, those first-dollar storm damage expenses can add up fast,” he said.
Cat4Home covers the cost of this deductible and gives agent partners in these coastal states tools to help their insureds protect their homes, he said.
Vertus Insurance Partners, headquartered in Jacksonville, Fla., helps protect homeowners and small businesses facing catastrophic risk. It is backed by Innovisk Capital Partners.
Zurich North America represents industries ranging from agriculture to technology and include more than 90 percent of the Fortune 500. It employs approximately 9,000 people in North America and have offices throughout the U.S. and Canada.
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