Republic Launches HO- 3 Homeowners Product in Texas

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The Republic Group, based in Dallas, has introduced a new Homeowners Form 3 product for Texas homeowners.

“We are pleased to announce the introduction of our HO-3 product”, stated Parker Rush, Republic’s president and CEO, in the company’s release. “Many of the special features we’ve incorporated into the design of this new policy are the result of extensive consultation with our agents, policyholders and the Texas Department of Insurance. Our intent in constructing Republic’s HO-3 was to offer a product with expanded coverages and pricing dynamics that are sensitive to individual risk characteristics and territorial attributes. Our HO-3 is an all-perils product with expanded water coverage and other features custom-made for the Texas homeowners market.”

Special Features of Republic’s HO-3 include:

–Better New Home Credits – The HO-3 increases the amount of credit and the time the credit is available on new homes. Homes less than one year old are eligible for a 26 percent credit. The credit varies for homes up to twelve years old.
–Firearms – The HO-3 provides coverage up to the policy Personal Property limit for loss of firearms and related equipment by all covered perils. The ISO form limits loss of firearms by theft to $2,500.
–Mature Homeowner Credit – Experience shows that insureds age 50 and over have much better results than the remainder of the population. The new product adds a 5 percent credit for the mature homeowner.
–Auto Companion Credit – The companion policy credit on the personal auto policy is increased from 10 percent to 20 percent.
–Deductibles – The product offers a Windstorm or Hail deductible and an All Other Perils deductible. An optional 2 percent Named Storm deductible is also available.
–Boat houses can be written under this new form as a part of the “other structures” coverage of the homeowner policy.
–Golf carts are given expanded coverage under an endorsement available for the HO-3.

Source: The Republic Group

Topics Texas New Markets Homeowners Gun Liability

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