10/31/2022
Discover which coverages provide protection against water damage for Advance Property.
What Is This Coverage?
A new coverage designed to help our customers prepare for the unexpected by covering a current coverage gap and pain point when water damage occurs.
How This Coverage Works:
An optional endorsement providing coverage for damage to the dwelling, scheduled structures, and personal property, including wet or dry rot, caused by or resulting from continuous or repeated seepage or leakage of water or steam within a plumbing, heating, air conditioning, fire protection sprinkler system or a home appliance located within walls, floors, ceilings, cabinets, or beneath the floors. The loss must be hidden from view and unknown by the insured.
Product Benefits (explaining the coverage in simple terms to customers):
When presenting this coverage to customers, statements that focused on explaining ‘what’s covered’ resonated and were motivating to customers. Product benefit statements that resonated:
Covers damage done to walls, floors cabinets or anything else in the home that is damaged by a hidden water leak.
Covers the damage from a hidden water leak that resulted from hidden wear and tear, deterioration, corrosion or rust.
If mold results from a covered hidden water claim, the fungi or bacteria limit from the base policy will also apply to cover the cost to remove the mold damage.
Covers damage from a hidden water leak in your plumbing, heating, A/C, fire sprinkler system or home appliance.
Covers the cost to repair damage done by a hidden water leak you can’t see.