ORLANDO, Fla., Dec. 19, 2024 -- Security First Insurance, based in Florida, and Embark MGA, Florida insurance experts, join forces to launch a modern HO5 homeowners' insurance program designed exclusively for new home builders to have an affordable, turnkey insurance option for home buyers. This innovative homeowners' insurance solution combines enhanced coverage options tailored to the unique needs of Florida homeowners with the simplicity of embedding the insurance in the home-buying process.
This solution comes at a crucial time for Florida builders. Recent surveys reveal that many prospective home buyers in Florida cite insurance as a major barrier to purchasing a home. To address this problem head-on, Security First will provide a new level of comprehensive protection to new home buyers in Florida, supported by Embark's expertise in custom insurance solutions and proprietary technology.
The new HO5 policy comes with a broader scope of protection for new home buyers than the standard HO3 policy and streamlined claims processing. These HO5 policies are distinctive in the Builder channel because they provide "open-perils" coverage for both the home and personal belongings, and coverage for incidents that are often excluded from traditional policies, bringing extra reassurance to home buyers that their new investment will be well protected.
"This partnership with Embark allows Security First to expand our reach into a new segment of Florida homeowners," said Bob Ketchum, SVP of Product and Underwriting. "We pride ourselves on innovative product design and exceptional service," continued Ketchum, "and promise to be there for our customers when they need us the most."
Embark's commitment to providing modern, tech-driven insurance solutions in niche customer segments complements Security First's deep knowledge of the Florida market. Leveraging Embark's proprietary technology, insurance quotes are seamlessly integrated into the home-buying and mortgage qualification process. The system preloads builders' home inventory, community details, and model data, enabling accurate, bindable quotes without the need for lengthy applications. This streamlined approach electronically shares insurance information with builders' mortgage and title partners, reducing closing delays and eliminating much of the friction typically faced by consumers during the home-buying journey.
Key Features of the Security First New Home Builder HO5 Policy:
- Open-Perils Coverage: Offers broad protection with fewer exclusions than standard homeowners' insurance policies.
- Service Line and Equipment Breakdown Coverage: These two valuable extra coverages are included in the product without an additional premium.
- Increased Personal Property Coverage: Higher limits for personal belongings, including high-value items.
- Streamlined Claims Process: A simplified and user-friendly experience for faster claims handling.
- Comprehensive Protection: Enhanced coverage for accidental damage and other risks not typically covered under HO3 policies.
"We are thrilled to partner with Security First Insurance, a company that shares our commitment to innovation and delivering exceptional, customer-centric service," said Brian Crumbaker, EVP Distribution at Embark. "We look forward to supporting the unique needs of new home builders and their clients. This new embedded product stands out with its competitive pricing and broad coverage options, offering a superior solution in the Florida market."
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