Mosaic Insurance Alliance can now provide PEMCO customers with new features like flexible personal property limits, higher binder limits, and multipolicy discounts.
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Paul Pukis
Mosaic Insurance Alliance, LLC.
425-320-4263
Paul@mosaicia.com
Lynnwood, Washington: Mosaic Insurance Alliance’s Washington customers will have new homeowner coverage options if they are a PEMCO policy holder.
PEMCO was founded in Seattle, WA in 1949, so naturally, the Pacific Northwest insurance company has been one of Mosaic’s carriers for many years. Our local Mosaic agents know the company well and are ready to help customers transition through these changes and get their insurance in order.
And there will be a lot of change to get used to. After all, PEMCO’s new 2020 homeowner insurance makeover will be the first major revision to their home insurance program since 2009. But change is good. These changes will allow the insurance company to have more competitive enhancements like other carriers of the age.
With PEMCO’s HO9 Washington homeowner coverage expansion—called The Rate by Peril Program—home insurance policies will have more options, discounts, and flexibility. On August 10, 2020, new policies got access to these insurance updates, and in a few weeks on September 9, 2020, policies that are being renewed will get access.
This program is only for Washington state, and it is only for homeowner policies (condo, renter, and dwelling property insurance policies are not included). Instead of a “one size fits all” rating system, the new setup is more individualized and will allow PEMCO Insurance to more accurately rate policies amongst the varying customer base.
With this home insurance program, PEMCO will no longer use household score. What that means for customers is a new and improved method that will result in a better predictive score—since factors will be analyzed separately instead of together. Premiums will now be calculated at peril level for the following categories: fire, liability, theft, water, weather, and other. The new base rates, factors, and premium calculation steps for each of the six perils will be customized to each customer. With this new calculation process, some customers will see their premium decrease, while others might see it increase.
Insurance discounts with this new system include the Home Plus Umbrella Discount. Some older discounts will go away, like the Newer Home Discount, which will help customers with older homes. Favorable pricing will remain for houses under 10 years old, but with this new program, now older houses can be priced better and older house owners can get more competitive rates in different dwelling age segments.
In addition to discount changes, customers will be able to have more control over their coverage limits. Customers now can lower their Unscheduled Personal Property Coverage (Coverage C) limits to 30% of Coverage A. Also, with Coverage C, customers are now able to choose personal property limits below the defaulted 75% of their dwelling limit, which works great for people who have less belongings. And customers are not the only one that will have more abilities! Agents will have a higher binding authority—from $1M to $1.5M.
With big changes come big decisions and questions. Mosaic agents are ready help clients transition through the new options, discounts, and customization. Give Mosaic Insurance a call at 425-320-4280, or email info@mosaicia.com. Visit Mosaic’s mobile app or website, www.mosaicia.com , to chat with an insurance agent and access endless resources.
Contact Info:
Name: Paul Pukis
Email: Send Email
Organization: Mosaic Insurance Alliance
Address: 2122 164th St SW Ste 301, Lynnwood, WA 98087, United States
Phone: +1-425-320-4280
Website: http://www.mosaicia.com
Source: PressCable
Release ID: 88973780
